health

BevCanna Closes Acquisition of Solventless Cannabis Extraction and Delivery Technology Provider Embark Health Inc.

VANCOUVER, British Columbia–()–Innovative health and wellness beverages and products company, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) announces today the closing of its acquisition of solventless cannabis extraction and delivery technology provider Embark Health Inc. (“Embark”).

This acquisition was pursuant to the agreement dated September 19, 2021, as amended November 12, 2021 (the “Agreement”), by and among Embark, 1323977 B.C. Ltd. (“Subco”), a wholly-owned subsidiary of BevCanna, Bruce Dawson-Scully, in his capacity as shareholder representative and not in his personal capacity, and certain shareholders of Embark, pursuant to which BevCanna acquired all of the issued and outstanding securities of Embark (each an “Embark Security”) by way of a three-cornered amalgamation (the “Transaction”) as previously announced on September 20, 2021.

“Completing the acquisition of Embark Health is a significant milestone in BevCanna’s strategic transformation into a diversified health and wellness company,” said John Campbell, CFO and Chief Strategic Officer of BevCanna. “Embark’s solventless cannabis extraction and enhanced delivery technology will be a robust driver of growth for the Company, further diversifying our unique portfolio of brands and adding valuable intellectual property and four innovative adult-use cannabis brands to our range of offerings.”

“The acquisition also bolsters BevCanna’s balance sheet,” noted Mr. Campbell. “Embark brings $17 million in tangible and intangible assets, including direct ownership of $11 million in equipment and the use of a modern production facility in Delta, BC.1 This acquisition brings BevCanna to over $100 million in unaudited assets on the balance sheet and $2.9 million in long-term liabilities.”

Deal Highlights:

  • The combined entity will have over $100M in assets on the balance sheet and $2.9 million in long-term liabilities.
  • Adds a unique range of valuable brands, across all three cannabis 2.0 categories, that enables BevCanna to sell differentiated and complementary adult-use and wellness products
    • includes the “Hazel” Hash Stick, to which BevCanna now holds the exclusive worldwide license, and is the first-of-its-kind in Canadian market.
  • Adds a state-of-the-art production facility in Delta, BC, with $17M1 in tangible and intangible assets including direct ownership of $11M1 in equipment.
  • The deemed price of the BevCanna Shares being issued to former Embark securityholders in the transaction is $0.45 per share, which represents a 146 per cent premium to the volume weighted average trading price of the BevCanna Shares on the CSE for the five trading days preceding the date of this announcement.
  • Bolsters beverage portfolio with the addition of proprietary nanotechnology and rapid onset delivery technology for beverage, topical and edible products, allowing BevCanna to vertically integrate its supply for select in-house and white-label clients.
  • Adds innovative solventless extraction technology that enables BevCanna to offer hash, bubble hash, live rosin and other adult-use cannabis products.
  • Adds experienced management and operations team members who are pioneers in cannabis, extraction, and drug delivery technology, including:
    • Bruce Dawson-Scully, Founder and Chief Executive Officer of WeedMD (TSXV:ENTG)
    • Marcus “Bubbleman” Richardson, best known as the founding pioneer of bubble hash
    • Michael West, global extraction expert who
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Urban progress director sees alternatives for progress in technologies, health care in Vegas

Small business proprietors who go to Las Vegas often praise the metropolis as “business-pleasant.”

And that is not just code for favorable tax structure.

“One of the significant matters that Nevada has past a favorable tax framework is governmental assist at all ranges,” claims Ryan Smith, acting economic and city progress director for the Town of Las Vegas. “If you are a company on the lookout to grow into Nevada, the accessibility to federal government each at a state and community amount is unparalleled.

Ryan Smith

“We often also act as a liaison concerning businesses and developers with other departments in the town. We attempt to find a reasonable way to ‘yes.’ ”

Vegas Inc caught up with Smith to talk to about cultivating themed enterprise districts, the methods available to enterprise homeowners at metropolis corridor, COVID-19 and additional.

A ton of corporations experienced to near down since of the pandemic. Are they mostly reopening now, or being replaced? And if they’ve been replaced, how is that changing the truly feel of the community?

I believe that it is a mix of both equally. The pandemic had substantial impacts on the enterprise community, but one of the dazzling places is the entrepreneurial spark that was a consequence of it. In accordance to facts from the Census Bureau, Us citizens filed paperwork to start off 4.3 million companies past calendar year. There have also been a flood of new inhabitants and enterprises that have been captivated to Vegas owing to remote work and not possessing to be tethered to common significant-charge-of-living, extremely-congested places. In August, filing areas counts elevated calendar year in excess of 12 months by 12.6% in Clark County.

Explain the city’s position in supporting to form the enterprise landscape.

The city has a great crew that acts as a springboard for businesses. Las Vegas is a town entire of business people, and as the govt, we want act as a software box for them to construct their business enterprise. Our crew functions with businesses to help with numerous functions these kinds of as organization licensing, allowing, incentives inside our redevelopment space and other parts of municipal assistance.

Give us the Cliff’s Notes variation of what it can take to get a company up and running in the metropolis.

Las Vegas is a melting pot of cultures and possibility. There could possibly not be a shorter model of how to get your company up and jogging in the town, but there is a multitude of resources to assistance with the method, ranging from point out assets such as Nevada’s Division of Enterprise and Field to UNLV’s Tiny Small business Growth Centre. These sources help enterprise as a result of incorporation, company licensing, funding and scaling.

We have an Arts District and Brewery Row. What is the following concept we can glance forward to the metropolis cultivating?

Two huge prospects are overall health treatment and technological innovation. We have our Medical District and Innovation Middle, but a lot of metropolitan

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