VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (CSE:NAB) (OTC: INNPF) (FRA: 71P) (“Nabis” or the “Company”), a leading Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, today announced that it has entered into an agreement to purchase 2,260,500 common shares, representing a 49% interest, of Cannova Medical Ltd. (“Cannova”), a provider of innovative solutions for cannabis consumption, and to acquire the remaining 51% interest at the option of Nabis (the “Transaction”).
Cannova, based in Israel, has developed an alternative solution for cannabis consumption using a sublingual strip infused with a variety of active cannabis substances. The product has proven qualities that allow producers to more effectively control dosage quantities, combine the Cannabis with other natural active ingredients to create a set of products for a variety of needs and lifestyles. In connection with the Transaction, Nabis will have Exclusive Distribution rights in North America.
“Cannova’s line of sublingual strips disrupts traditional thinking on consumption. Their team has developed an innovative solution that largely appeals to consumers looking for convenience compared to current forms of consumption such as smoking, evaporation and ingestion of oil,” said Shay Shnet, CEO & Director of Nabis. “While we remain focused on our strategic plan for rapid expansion into limited-license states, we also pay close attention to companies that have the potential to disrupt the legal cannabis space. Cannova’s patent protected solution allows the user to get a customized, personal combination of THC, CBD, and other active ingredients that meet their personal, unique requirements in real time, and thus changing the way Cannabis is consumed. Their cutting-edge platform designed for home use looks similar to a countertop espresso/coffee machine, however, it possesses next generation ability to combine various active ingredients. With the acquisition of Cannova’s unique technology, we will be well positioned to capitalize on the growth in popularity of consumable cannabis.”
“We’re excited to team up with Nabis to provide Cannabis users a safe, accurate and discrete way to consume Cannabis. The Nabis team, their experience and established network of Cannabis related portfolio will help boost Cannova to become a cutting-edge leader in the space,” said Omri Schanin, Cannova founder & CEO.
In consideration for the 49% interest, Nabis will pay Cannova US$1,000,000 and will issue to Cannova an aggregate of 5,911,111 common shares of Nabis (“Common Shares”). To exercise its option to acquire the remaining 51% interest, Nabis must make a nominal cash payment and issue to the Cannova shareholders 7,388,888 Common shares, which will be held in escrow and released subject to Cannova achieving certain performance milestones.
The securities issued pursuant to the Transaction will be subject to resale restrictions as required by applicable securities laws.
Closing the Transaction remains subject to certain customary closing conditions, including obtaining all necessary approvals.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, and these securities were not offered or sold in any jurisdiction in which their offer or sale would be unlawful. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Act”) or any state securities laws of the United States. Accordingly, these securities were not offered or sold to persons within the United States unless an exemption from the registration requirements of the Act and applicable state securities laws is available.
About Cannova Medical
Cannova is a biotechnology company focused on development of innovative, patent protected, delivery technology platform for Cannabis substances together with other natural ingredients. The platform, a sublingual film, can effectively bind various active substances, including cannabinoid and natural substances to, or via, oral mucosal membranes (under the tongue) and by doing so, greatly improve bioavailability of cannabinoid molecules. Cannova’s controlled release solution is an oral thin film that leads to dosing accuracy, higher bioavailability, enhanced efficacy, and safety in the delivery of cannabinoids.
For more information, please visit https://cannova-medical.com/.
About Nabis Holdings Inc.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical, one of the largest takeovers in the U.S. Cannabis space to date, the company has a proven track record in emerging markets to create significant shareholder value. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth.
For more information, please visit https://www.nabisholdings.com/.
Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Investor Contact:
Allison Soss
KCSA Strategic Communications
PH: 212-896-1267
Nabis@kcsa.com
Company Contact:
Shay Shnet, CEO and Director
PH: 604-687-7130
info@nabisholdings.com