- Oops!Something went wrong.Please try again later.
Vancouver, British Columbia--(Newsfile Corp. - July 19, 2021) - Kiaro Holdings' (TSXV: KO) CEO, Daniel Petrov, is interviewed by Let's Toke Business' Ted Ohashi.
Cannot view this video? Visit:
Kiaro Holdings, a national omni-channel cannabis retailer and wholesale distributor, recently entered into a definitive agreement with Aegis Brands Inc. to acquire all the issued and outstanding shares of its subsidiary, which operates as Hemisphere Cannabis Co. Hemisphere currently operates seven retail locations in Ontario with two more locations in development.
Completion of the acquisition will more than double Kiaro's retail footprint and give it a significant presence in the Ontario retail cannabis market. The acquisition will cost Kiaro 61.3 million shares, along with 6.7 million warrants, subject to customary adjustments. Aegis could receive a further 6.7 million shares upon meeting certain milestones within the first year following closing.
Daniel Petrov, CEO, stated: "The acquisition of Hemisphere is simply transformational. I expect this transaction will be significantly accretive for shareholders as we push forward towards $50M in target revenue. It brings up to 18 stores into operation by the end of the fiscal year and cements a strategic partnership with retail industry titans at Aegis Brands. Their team has assembled a superior Ontario portfolio of well-positioned brick and mortar locations, supporting our objective of exponential revenue and EBITDA growth."
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Barry Morgan, CFO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90594