Acacia Diversified Holdings, Inc. acquired substantially all of the assets of JR Cannabis Industries, LLC from Richard K. Pertile, Kim Edwards and Mike McLaughin for $0.42 million.
January 18, 2016
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Acacia Diversified Holdings, Inc. (OTCPK:ACCA) entered into an agreement to acquire substantially all of the assets of JR Cannabis Industries, LLC from Richard K. Pertile, Kim Edwards and Mike McLaughin for $0.42 million in stock on June 29, 2015. Under the terms of the agreement, Acacia Diversified Holdings will issue 0.4 million shares to Richard K. Pertile, 0.1 million shares to Mike McLaughin and 0.2 million shares to Kim Edwards. The assets and businesses of JR Cannabis Industries will be absorbed into new wholly-owned operating subsidiaries of Acacia, with the main impetus being on its new MariJ Pharmaceuticals, Inc. In related transactions, Acacia Diversified Holdings, Inc. (OTCPK:ACCA) entered into an agreement to acquire substantially all of the assets of MariJ Agricultural, Inc., Canna-Cures R&D, LLC, and TropiFlora LLC on June 29, 2015. At the closing of the acquisition, Steve Sample resigned his posts as Acacia's Chief Execuitve Officer, President, and Chairman of the Board in favor of Acacia's Executive, President and Chairman, Richard K. Pertile. Dan L. Rigdon and V. Weldon Hewitt shall resign as Directors of Acacia. Majority of the employees of JR Cannabis Industries were retained. The deal is subject to consummation of due diligence investigation, execution of employment and non-competition agreement and has been approved by shareholders of Acacia. Howard P. Ross, B.C.S acted as legal advisor for JR Cannabis Industries.
Acacia Diversified Holdings, Inc. (OTCPK:ACCA) completed the acquisition of substantially all of the assets of JR Cannabis Industries, LLC from Richard K. Pertile, Kim Edwards and Mike McLaughin on January 4, 2016.
Acacia Diversified Holdings, Inc. is a diversified holding company. The Company focuses on conducting its business operations through its subsidiaries, such as MariJ Pharmaceuticals, Inc. (MariJ), and Canna-Cures Research & Development Center, Inc., in which it focuses on including the operations of the MariJ Agricultural and Canna-Cures entities. MariJ focuses on the extraction and processing of high-cannabidiol (CBD)/low-tetrahydrocannabinol (THC) content medical grade cannabis oils from medical cannabis plants. MariJ has a mobile cannabis oil processing and extraction unit designed into a heavy-duty vehicle. The unit is engaged in the extractions and processing of medical organic hemp into oils at various sites, and is developing additional contracts for services. The Company, through Canna-Cures Research & Development Center, Inc., focuses on research and development activities, as well as retail and wholesale distribution of medical cannabis products and dietary supplements.
Acacia Diversified Holdings, Inc. acquired substantially all of the assets of JR Cannabis Industries, LLC from Richard K. Pertile, Kim Edwards and Mike McLaughin for $0.42 million.