Kelowna, British Columbia–(Newsfile Corp. – May 24, 2019) – Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) (“Liht” or the “Company”), a licensed cannabis cultivator and producer, is pleased to announce that it has executed a letter of intent to reach an agreement in principle (the “Agreement”), dated April 17, 2019, whereby the Company, or its wholly-owned subsidiary, will seek to acquire all or substantially all of the equity interests of the ACC Group of Companies (“ACC”), a Nevada-based group of companies licensed for cannabis cultivation and well-known for its award-winning cannabis cultivars. Liht management anticipates the execution of a definitive agreement (the “Definitive Agreement”) to acquire ACC will take place on or prior to June 15, 2019, with the closing of the transaction (the “Closing”) anticipated to follow shortly thereafter upon the satisfaction of such terms and conditions precedent to the Closing, which are customary for transactions of this nature. Following the completion of the transaction contemplated in the Agreement (the “Proposed Transaction”), the Company will integrate ACC while rebranding itself as “Citation Growth Corp.”, reaffirming its status as a true multi-state operator.
Rahim Mohamed, CEO of Liht, commented, “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.” Mr. Mohamed continued, “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 completion of the Proposed Transaction, the Company anticipates that it will have completed a