TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) — Lineage Grow Company Ltd. (the “Company” or “Lineage”) (CSE:BUDD) is pleased to announce the closing of the previously announced acquisition of the assets of Rosebuds Bakery, LLC d/b/a Terpene Station and Brooklyn Holding Co. d/b/a Terpene Station Portland (the “Terpene Station Acquisition”).
Terpene Station is a leading cannabis retailer in Oregon engaged in the selling of cannabis products such as flower, edibles and oils. The Portland location was the first licensed recreational store in the state and both locations are recognized for their premium product offerings and track record of serving the craft segment of the Oregon cannabis market.
Pursuant to the terms of the asset purchase agreements (the “APAs”) between the Company and Rosebuds Bakery, LLC and Brooklyn Holding Co., the purchase price payable by the Company consisted of:
- a cash payment of USD $400,000; and
- the issuance of a secured convertible note in the principal amount of USD $800,000 convertible into common shares in the capital of Lineage (“Lineage Shares”) at a price of CAD $0.35 per share.
In connection with the closing of the APAs, the Company also issued a stock finder’s fee of 386,909 Lineage Shares to FMI Capital Advisory Inc., a Toronto-based investment bank.
Peter Bilodeau, CEO of Lineage, commented – “We are very pleased to have closed the Terpene Station Acquisition. We’re also tremendously proud to be doing business in the State of Oregon and we look forward to offering clients an exceptional cannabis retail experience.”