SOL Worldwide Announces Proposed Alter of Enterprise to U.S. Cannabis MSO, Rebranding to Bluma Wellness Inc.
The Corporation Has Retained The Solutions Of Duff & Phelps Canada Restricted, An Independent Valuation Firm, To Conduct A Complete Valuation Of Company’s Existing Assets
TORONTO, Aug. eight, 2019 /CNW/ – SOL Worldwide Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt:9SB), is pleased to announce these days a proposed adjust of small business of SOL Worldwide from an international cannabis investment enterprise to a U.S. multi-state cannabis operator (“MSO”) beneath the Life Sciences category of the Canadian Securities Exchange. They have also announced a adjust in the get in touch with-in quantity of its previously announced conference get in touch with to talk about corporate updates and their fiscal 2019 outcomes.
The MSO’s initial operations will consist of assets in 3 (three) of the best ten (10) cannabis markets by income in the U.S., as forecasted by ArcView marketplace analysis – Florida, Michigan and California. The Corporation has focused in on a path to profitability by maintaining the capital expense and the operating expense low with an efficiency-driven model of integrating operations and streamlining management, brand deployment and the Company’s proprietary delivery models across all 3 (three) states, all when becoming completely compliant with applicable U.S. state laws and regulations.
Brady Cobb, the CEO of SOL Worldwide, says the timing of the proposed adjust of small business is strategic, stating: “One of the innate strengths of SOL Global’s management is figuring out when to enter a marketplace, as is evidenced with our early good results in Canada and Florida. We have planned this transition and the marketplace entrance of our MSO to coincide with the speedy development of the legal U.S. cannabis marketplace amid a presumptive tail wind from federal policy reform initiatives associated to cannabis, a method I’ve been deeply involved with. We think that the timing of our MSO’s entrance to the marketplace will position us nicely to capture that development.”
Tantamount to the proposed adjust of small business is the proposed adjust of the Company’s name from SOL Worldwide Investments Corp. to Bluma Wellness Inc. (“Bluma Wellness” or “Bluma”). “Bluma” is an ancient Hebrew word which implies to flower, bloom or blossom. The Corporation chosen this name primarily based on a important principle of the small business: to make certain that our individuals and buyers use our plant-primarily based solutions to boost their every day lives, namely to bloom and thrive.
Mr. Cobb says that the new name was selected to be synergistic with the Company’s new path, stating that “We chose the name Bluma Wellness, as an suitable way to honor the correct intent of every single seed that we cultivate, harvest, and provide as a solution to make certain that every single single a single of our consumers has a constant and enriching knowledge that makes it possible for them to flourish.” He added: “We also appear forward to bringing investors a new type of MSO, a single that is focused on profitability in the quick term via operational and logistical efficiencies and a keen eye on the bottom line.”
As element of the Company’s initiative in shifting their concentrate of small business to the vertically integrated expansion of its MSO operations, the Corporation plans to full the previously-announced acquisitions of the proposed assets of the MSO (“MSO Assets”) which consist of the licensed dispensaries operated by MCP Wellness in Michigan as announced on April 24, 2019, our California acquisitions which consist of the famed Humboldt, California-primarily based cultivator “Northern Emeralds” and the California-primarily based dispensary chain “One Plant USA” as had been announced on May possibly 16, 2019, in addition to SOL Global’s current vertically integrated license in Florida, three Boys Farm. The MSO’s resulting solutions will be powered by Northern Emeralds’ genetics and revolutionary information-driven cultivation and processing procedures. The anchor will be the brands and solutions that SOL Worldwide has invested in, which will be strategically deployed in the MSO’s dispensaries like A single Plant’s robust retail arm across the states of Florida, Michigan and California (topic to the receipt of all needed governmental approvals).
It is anticipated that the MSO will bridge the gap among regular THC solutions and mainstay CPG solutions. All MSO Assets transactions are anticipated to close in October 2019, topic to all applicable situations precedent becoming happy or waived like the receipt of all needed governmental approvals.
Completion of the adjust of small business and corporate name adjust are topic to specific situations, like requisite shareholder approval and the approval of the Canadian Securities Exchange.
Further Corporate Updates
Independent Valuation of Current Investments:
SOL Worldwide has decided on a valuation firm to ascertain a fair marketplace valuation of SOL Global’s present assets. The Corporation has engaged Duff & Phelps Canada Restricted, a extremely acclaimed internationally-recognized valuation firm that has no prior connection to SOL Worldwide, its board, or any of its directors. Their independent valuation will commence right away.
As element of the Company’s transition to Bluma Wellness and the operation of its MSO Assets, shifts in the Company’s management are required to successfully and effectively operate the MSO Assets. Especially, the Corporation is pleased to make the following appointments:
Adam Wilks, a confirmed retail leader, has been appointed to Chief Operating Officer, successful right away. Adam joins SOL Worldwide with more than 10 years of knowledge as Director of Operations of nicely recognized customer retail brands like Yogen Fruz, Pinkberry, Cold Stone Creamery, and much more. He final served as Chief Operating Officer to A single Plant (3 Habitat Consulting) and the chain of dispensaries. As a Co-Founder of Invest in N Bulk, he was actively involved in small business improvement from 2013 –2016 and with that brings in-depth operational knowledge from the starting of launch phase via to producing revenues. Adam is also on the board of a single of California’s major cannabis providers Old Pal and the board of Sacred CBD.
Moreover, Micheal Bondurant, an early leader in the Florida cannabis marketplace, has been appointed to Chief Approach Officer, successful right away. As Director and Chief Operating Officer for three Boys Farm, LLC, an original Florida Health-related Marijuana Licensee, Michael brings with him a wealth of knowledge in the logistics of implementing big scale develop operations. As a former Director at Sato Worldwide Options, Michael supplied consultative solutions for provide chain, inventory management, transportation, packaging, postal, information and facts technologies, procurement and retail. His further focused focus to direct and channel partners, hardware/application platforms, and applying active/passive RFID that are all precise to the retail market will make certain streamlined integration all through our retail operations. Michael’s practically 20 years in senior banking and finance exactly where he was involved in true estate financing, closely held companies and income management all through the eastern United States will be a worthwhile asset as we continue to scale. We are also proud to be welcoming him on as a veteran of the Armed Solutions possessing served in the United States Coast Guard from 1988 -1993.
We couldn’t be much more excited to welcome Adam and Michael onto the group as we strategy the official launch of our MSO. They are joining SOL Worldwide at an thrilling time and their retail, operational and logistical qualifications and insights will boost worth for all of SOL Global’s shareholders as we continue to execute on our technique.
Brady Cobb, SOL Global’s CEO
Fiscal 2019 Final results And Corporate Updates Conference Get in touch with
Brady Cobb, Chief Executive Officer, will host the SOL Worldwide Fiscal 2019 Final results Conference get in touch with beginning at four:00 p.m. Eastern Time on August eight, 2019. A query and answer session will right away stick to an initial presentation on SOL Global’s fiscal 2019 economic outcomes and a corporate update. Further participants from SOL Worldwide will consist of Andy DeFrancesco, Chief Investment Officer and Chairman, Peter Liabotis, Chief Monetary Officer and Paul Norman, Chief Executive Officer of SOL Worldwide portfolio enterprise HeavenlyRx.
Participant Neighborhood Dial-in Quantity: 416 764 8688
Participant North American Toll Free of charge Quantity: 888 390 0546
About SOL Worldwide Investments Corp.
SOL Worldwide is an international investment enterprise with a concentrate on, but not restricted to, cannabis and cannabis associated providers in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces. Its strategic investments and partnerships across cultivation, distribution and retail complement the company’s R&D system with the University of Miami. It is this extensive strategy that is positioning SOL Worldwide as a future frontrunner in the United States’ health-related cannabis market.
Any securities that may possibly be referred to in this news release have not been and will not be registered beneath the United States Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws and may possibly not be provided or sold inside the United States or to, or for the account or advantage of, U.S. persons absent such registration or an applicable exemption from the registration needs of the U.S. Securities Act. This news release does not constitute an provide for sale of securities, nor a solicitation for delivers to obtain any securities.
Original press release
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