“These extracts will be used in the company’s formula’s for finished products and marketed in legal jurisdictions throughout the world.”
BCBD has one of the world’s largest seed banks and has won over 40 awards over the past 14 years. Its breeding methods for new cannabis strains are available for licence to licenced production companies.
BC BUD Depot added: “This partnership allows us to accelerate breeding programs designed to improve existing strains and to release new cannabis strains likely to perform well in regulated markets both within Canada and, through licensed exports of genetic material, in legal jurisdictions worldwide.”
AREV also noted that in 2004, it was the first Canadian company in history to win a top strain at international competition with ‘BC God Bud’.It has held the inside cover of High Times Magazine for the last ten years and remains among the most recognised names in cannabis genetics and breeding.
The consideration is for 9.5mln AREV shares at a deemed price of 50 cents per share and C$500,000, of which $50,000 is payable in cash and C$450,000 is payable by way of a convertible debenture issued by the company, accruing interest at 8% per year, for a total value of C$5.25mln.
BCBD has one of the world’s largest seed banks and has won over 40 awards over the past 14 years.
DMC is one out of only 26 companies (of 118 that participated) which had been considered eligible by the relevant ministry, at all.
“This acquisition brings AREV into immediate revenue in legal jurisdictions. It also completes a very important part of the company’s strategy to differentiate from cultivators while bringing them a secure source of revenue,” Mike Withrow, director at AREV, told investors.
Arev Nutrition Sciences Inc (CSE:AREV) is set to buy cannabis strain-focused BC Bud Depot (BCBD) in a C$5.25mln deal, which provides the company with immediate revenue in legal jurisdictions, it said.
Arev Nutrition Sciences set to acquire cannabis strain company BC Bud Depot in C$5.25mln deal BCBD has one of the world’s largest seed banks and has won over 40 awards over the past 14 years.