Cannabis One Holdings Inc. acquires assets related to "Honu" brand from Honu Enterprises, Inc.

2 minute read
06 May 2019

On May 6, 2019, Cannabis One Holdings Inc. (CSE: CBIS) ("Cannabis One")  announced that it had completed its previously announced acquisition of certain assets of Washington-based Honu Enterprises, Inc. ("Honu"), an award-winning, cannabis-infused products brand.

Under the terms of the definitive asset purchase agreement, Cannabis One's wholly-owned subsidiary acquired certain assets of Honu, inclusive of all intellectual property and certain equipment. In accordance with Washington State regulations and legislation, neither Cannabis One, nor its subsidiary, shall acquire any interest in regulated inventory or licenses related to the cultivation, manufacture, distribution, or sale of cannabis or cannabis-related products in connection with the transaction.

The gross consideration payable to Honu in connection with the transaction will be up to US$10,280,811 in Class "B" super voting shares in the capital of Cannabis One, due in equal parts upon closing and subsequently upon the satisfaction of provisions applicable to two earn-out consideration payments.

Cannabis One is focused on aggregating and optimizing popular cannabis brands throughout North America. With its unique, franchise-ready retail brand, The JointTM, and through targeted acquisition and partnership opportunities, Cannabis One intends to become the premier, globally-recognized, "House of Brands", holding a client portfolio of award-winning products with an extensive market footprint.

Gowling WLG advised Cannabis One with respect to this acquisition with a team that included Frank Sur and Jason Mullins.

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