Maricann announces a non-binding term sheet for the proposed acquisition of all outstanding shares of Haxxon for an aggregate purchase price of CHF 8,000,000, of which CHF 2,000,000 will be payable in cash and the remainder in common stock of the Company at the 20-day vwap prior to closing. The arrangement provides Maricann a period of exclusivity to allow the company to complete the necessary due diligence and enter into a binding definitive agreement.
Haxxon is based in Regensdorf, Switzerland; an industrial suburb of Zurich located less than 5 minutes from the airport. Haxxon operates in a 60,000 sq. ft. facility where it cultivates female hemp cannabis flowers, with less than 1% THC to the European market. Current production is 2,210 kg of dried cannabis flower with costs of CHF 650/kg and realized selling prices of CHF 2,600 to CHF 3,500, with higher prices paid for less THC.
The acquisition of Haxxon, if completed, will allow Maricann to produce cannabis flowers in Switzerland which would then be manufactured into finished products. These products would include cannabis vape cartridges, cannabis pre-roll cigarettes with no tobacco, unlike other current offerings, and CBD isolates in the form of finished dose pharmaceuticals, including VesiSorb capsules.
The transaction is subject to completion of due diligence, the entering into definitive binding documentation and receipt of all necessary approvals. The transaction is targeted to close by March 30, 2018.
For more information:
Maricann
maricann.com
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