NOT FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, June 21, 2018 (GLOBE NEWSWIRE) -- Kaneh Bosm BioTechnology Inc. (CSE:KBB) (“Kaneh Bosm” or the “Company”) is pleased to announce that it has entered into a letter of intent to acquire a 100% interest of Cannabis Medical Group SAS (“CM Group”), which holds licences to cultivate, produce, hold, sell and export cannabis and its by-products.
Colombia has become a highly sought after jurisdiction for Cannabis cultivation activities as it has a world leading combination of broad public and private sector acceptance, ideal growing conditions and a massive addressable market.
CM Group previously acquired 13 hectares of optimal agricultural land located in Funza, the heart of the "Bogota Savanna," which is also one of the safest areas in Colombia. It is conveniently located within a 20km drive to Bogota's international airport. The lease on this land has been prepaid for a period of 10 years.
Under the terms of the Agreement, the Company will pay US$2.0 million, and it will issue 30 million common shares. A finder's fee as per regulatory guidelines will also be payable on this transaction.
On behalf of the Board of Directors of Kaneh Bosm BioTechnology Inc.
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com
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