Vancouver, British Columbia--(Newsfile Corp. - May 27, 2019) - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) has executed a letter of intent to acquire the equity interest of the ACC Group of Companies. ACC, a group of privately held companies, has held indoor cannabis cultivation licensing in the State of Nevada since 2014. Primarily located in Las Vegas, ACC prides itself on its expansive collection of premium cannabis cultivars and its innovative seed genetics program.
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Liht Cannabis has been investing in the medical and recreational cannabis space since 2014. It has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions, such as Washington State, Nevada, and California, and continues to seek expansion opportunities worldwide.
Liht management anticipates executing a definitive agreement by June 15th with the closing expected shortly thereafter. Upon completion of the integration of the 2 companies, it will be rebranded as "Citation Growth Corp". The new combined entity will create one of the largest licence holders in the State of Nevada, with an estimated, consolidated licenced footprint of up to 566,000 square feet, with up to 550,000 square feet for cannabis cultivation and up to 16,000 square feet of processing space for cannabis concentrates and edibles. Assuming the successful completion of all proposed site phases, the estimated capital expenditure requirement for the combined entity will be approximately US$90 million.
The addition of 3 new, established brands within the State of Nevada: BluntBox, Garden of Weeden, and Superior, complements Liht's established FIORE cannabis flower brand. The combination of Liht's comprehensive experience in organic cultivation techniques with ACC's award-winning seed genetics program, fosters a new, premium cannabis powerhouse in the State of Nevada, and other jurisdictions it may enter as regulations and legislation may permit.
Rahim Mohamed, CEO, stated: "We believe the accretive benefits derived from the acquisition of ACC, which include the team's advanced cannabis seed genetics program, will provide Liht with an experienced and operationally diverse industry partner with which to progress our proprietary cultivation program - furthering Liht's stated mission to continually set new industry standards for quality, cost, and margin, in every jurisdiction in which we operate. Liht anticipates the superior quality, capacity, and reputation afforded by the acquisition of ACC will accelerate our Nevada program and position Liht to become the pre-eminent cannabis cultivator and producer in the state."
Upon closing of the proposed transaction, Howard Misle will join the company and become the new CEO, with Rahim Mohamed moving to the position of President.
Howard Misle stated: "ACC has been pleased to observe the significant traction and rapid growth achieved by the Liht team since its entrance into the Nevada cannabis market, while also noting Liht's reputation is quickly becoming synonymous with success, innovation, and high-quality production. In electing to partner with Liht and its experienced management team, ACC believes it will gain the expanded platform and capital markets support network necessary to leverage our collective success, allowing for an eye toward future growth outside of the State of Nevada."
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