PacRoots Announces Closing of Lords of Grasstown Acquisition
VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Pac Roots Cannabis Corp. (“PacRoots” or the “Company”) (CSE: PACR) (OTCQB: PACRF), is pleased to announce the closing of a Share Purchase Agreement with the shareholders of Lords of Grasstown Holdings Ltd., a company existing under the laws of British Columbia (“Grasstown”) pursuant to which the Company will acquire all the issued and outstanding shares of Grasstown (the “Transaction”). Grasstown is a well-established Cannabis Motorcycle lifestyle brand with a tremendous following and acumen that spawned from the vision of Tyler Hazelwood, founder and director of Lords of Gastown.
Patrick Elliott, CEO of PacRoots comments, “This acquisition marks a major milestone for the Company with a move into the U.S. Cannabis Market, predominantly in California, with the Grasstown Brand. The team at Lords of Grasstown have done a remarkable job branding, designing, launching and marketing Grasstown in BC and California. The alliances are real and the followers like what they see. We are thrilled to develop and expand Grasstown from Prince Rupert to San Diego. Tom and Tyler are authentic artists with a strong pedigree to prove it. We are inspired to have them as part of the team.”
Through Lords of Grasstown’s strategic partnerships and alliances in the motorcycle and legal cannabis communities, the initial launch of Grasstown USA into California has been well accepted and recognized. PacRoots and Grasstown are excited to build on the initial momentum and expand the brand and offerings though the alliances and partnerships in the region.
In consideration for the share purchase agreement with Grasstown, the total purchase price will be comprised of a cash payment of $50,000, payable within 30 days of the closing date for the Transaction and the issuance of an aggregate of 6,000,000 common shares of the Company within five business days of the closing date for the Transaction. The aggregate cash and share consideration will be distributed pro rata to the shareholders of Grasstown.
PacRoots is also pleased to announce that the Company has entered into consulting agreements with the talent behind Lords of Grasstown and Grasstown, USA: Tyler Hazelwood, creative director and marketing consultant, and Tom Pedricks, lead designer and brand consultant.
About Tom Pedriks
Pedriks Studios is based in Vancouver, British Columbia, Canada. Pedriks Studios have lent their creative thinking to some of the world’s most recognized brands, contributing to strategy, vision and design to develop multimedia branding communications. Pedriks Studios have crisscrossed the globe, helping to uncover and communicate stories for developers, hospitality providers, lifestyle brands, wine, spirits, and beer makers and marketers. They combine insights and emotions to make places—and the products that come from them—irresistibly liveable, ownable and desirable. In an ever-changing, always surprising world, we bring intelligence, experience, and sophisticated creativity to define and differentiate sense of place, articulate competitive advantage, and help brands thrive.