HeavenlyRx Ltd. sells 50.1% interest in PureKana, LLC to PureK Holdings Corp.

1 minute read
08 December 2020

On December 8, 2020, PureK Holdings Corp . (the "Company") (TSXV: PKAN), formerly AF1 Capital Corp., announced that it had indirectly acquired from HeavenlyRx Ltd. a 50.1% interest in PureKana, LLC. The Company was a capital pool company under TSX Venture Exchange policies, and the transaction constituted its qualifying transaction.

PureKana is recognized as a Top 10 cannabidiol ("CBD") brand in the United States and has operated a  profitable direct-to-consumer online business since its inception in 2017. Its product lineup includes high  quality CBD that can be consumed in the form of tinctures, capsules, topicals, patches, and gummies. PureKana operates legally in the  jurisdictions where it carries on business.

Gowling WLG was counsel to Heavenly Rx Ltd. in this transaction with a team that included Peter Simeon, Warren Cass, Anita Yuk, Adam Sherman and Amanda Stevens (corporate/M&A); Mariam Al-Shikarchy, Jim Wilson and Paul Carenza (tax); and Chris Colonval and Kean Silverthorn (financial services).

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