- PACR recently closed share purchase agreement to acquire Lords of Grasstown Holdings Ltd.
- Lords of Grasstown is iconic brand with loyal following anchored in motorcycle culture of Pacific Northwest
- PACR closed non-brokered private placement with aggregate gross proceeds of $1,340,685.90
Pac Roots Cannabis (CSE: PACR) (OTCQB: PACRF), a Canada-based cannabis company dedicated to producing premium-quality strains and products through a genetics-focused approach, recently announced the closing of a share purchase agreement with the shareholders of Lords of Grasstown Holdings Ltd. whereby the company will acquire all its issued and outstanding shares. The company also announced the closing of its previously announced non-brokered private placement with aggregate gross proceeds of $1,340,685.90 to be used for business and brand development, and as general working capital.
Grasstown is a well-established brand that fuses motorcycle and cannabis culture. Spawned from the vision of Tyler Hazelwood, the founder and director of the iconic Lords of Gastown brand, Grasstown has built a loyal following anchored in the motorcycle culture of the Pacific Northwest. The total purchase price pursuant to the share purchase agreement will be comprised of a cash payment of $50,000 that will be payable within 30 days of the closing date along with the issuance of 6,000,000 common shares of the company within five business days of the transaction closing date.
“This acquisition marks a major milestone for the company with a move into the U.S. Cannabis Market, predominantly in California, with the Grasstown Brand,” said Pac Roots CEO Patrick Elliott (https://ibn.fm/noGUJ). “The team at Lords of Grasstown have done a remarkable job branding, designing, launching and marketing Grasstown in B.C. and California.
“The alliances are real and the followers like what they see,” he said. We are thrilled to develop and expand Grasstown from Prince Rupert to San Diego. Tom and Tyler are authentic artists with a strong pedigree to prove it. We are inspired to have them as part of the team.”
PACR also announced the closing of its non-brokered private placement that raised $1,340,685.90 in aggregate gross proceeds through the issuance of 7,448,255 units, each consisting of one common share and one purchase warrant with the latter exercisable at $0.30 per share until February 23, 2024 (https://ibn.fm/sPg56). Registrants were paid finder’s fees of $75,294.51 in cash along with 408,303 finder’s warrants that are exercisable into one common share at $0.18 per share until February 23, 2024. All private placement securities are subjected to a four-month hold period that expires on June 24, 2021.
Pac Roots Cannabis Corp. is a Canadian cannabis company dedicated to producing premium-quality strains and products by leveraging a genetics-focused approach. The company focuses on elite cannabis genetic development for maximum yields, high profit margins, and superior quality strains that meet the high standards of the growing cannabis market.
For more information, visit the company’s website at www.PacRoots.ca.
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://ibn.fm/PACR
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