PAO Group, Inc. (OTCPK:PAOG) agreed to acquire NCM Biotech from Kali, Inc. (OTCPK:KALY) on July 16, 2020. PAO Group agreed to acquire NCM Biotech in exchange for common shares of PAOG that will in turn be issued to KALY shareholders in a dividend distribution. The NCM Biotech sale marks an exit from the cannabis industry for KALY.

The transaction is expected to close on July 30, 2020.