New Age Farm is in the process of spinning off its subsidiary NHS Industries Ltd as part of a Plan of Arrangement approved by shareholders in September. The company is to spin off the subsidiary with all its assets and liabilities paving the way for it to operate as a separate entity in Langley British Columbia.
Plan of Agreement
Under the terms of the Plan of Agreement, New Age Farm shareholders are entitled to receive New Shares and the NHS Shares. Shareholders as of November 30, 2016, are to hold one new share for each ‘New Share’ in the capital of the company.
In addition, each New Age Farm shareholder is to receive common shares equal to their current common shares. The same will allow shareholders to hold stakes in two operating agribusiness as New Age Farm moves to list NHS in the stock market.
Completion of the arrangement will allow the two companies to operate as two separate entities. New Age is to retain properties in the Washington area with HS taking over operations at the Langley location. New Age has already completed its second, state of the art greenhouse in Washington as it looks to affirm its prospects in the fast-growing industry.
Cannabis Science Bullish Run
Meanwhile, Cannabis Science impressive run in the market shows no signs of slowing down having emerged as one of the most successful plays in the industry in the second half of the year. The stocks sentiments on the street have been bolstered by a series of partnerships that the company has struck, ranging from land deals, as it looks to grow its footprint in the industry.
Cannabis Science Inc (OTCMKTS:CBIS) just like New Age Farm Inc. (OTCMKTS:NWGFF) is looking to take advantage of the expanded market opportunity with the recent legalization drive. The company is currently developing medicines for unmet medical conditions ranging from autism, blood pressure, and cancer.