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Atlas Global To Acquire Cannabis ‘Trading House’ And Two Pharmacies In Israel, Commences Trading On The CSE

Atlas Global To Acquire Cannabis 'Trading House' And Two Pharmacies In Israel,  Commences Trading On The CSE

Atlas Global Brands Inc. ATL, (formerly Silver Phoenix Resources Inc.) announced that, through its Israeli subsidiary, signed a binding letter of intent at an arm’s length with no finder’s fee, on January 11, 2023, to acquire 51% of the outstanding securities of the following entities :

  1. An Israeli licensed cannabis “Trading House”, located in Tel Aviv. If the transaction is completed, the company plans to use this “Trading House”, as its hub for the import, storage and distribution of cannabis in Israel. A “Trading House” is an entity licensed to purchase, trade and store cannabis.

  2. Two pharmacies licensed to dispense medical cannabis, one in Tel Aviv and the other in Jerusalem.

The proposed transaction will be structured as a share exchange pursuant to which the vendors will be issued an aggregate of 2.7 million common shares in Atlas at a deemed price of $1.00 per share and at closing will make an inter-company loan to the purchased entities in the amount of ILS 1 million (approximately $283,000). The parties intend to enter into a definitive agreement in respect of the proposed transaction by February 9, 2023, or such other date as may be agreed to by the vendors and the company.

“Investing in the infrastructure to expand our supply and distribution capabilities in Israel strengthens our global footprint in a core market,” stated Sheldon Croome, interim CEO of Atlas Global. “These transactions enable us to meaningfully scale our distribution, while introducing more products and brands, both in house and from brand partners. We are incredibly excited for the future of Atlas and look forward to continued growth in key markets around the world.”

Commencement of Trading on the CSE

The company also announced that its common shares have commenced trading on the Canadian Securities Exchange, under the ticker symbol “ATL”.

“Transitioning to the public markets is an important milestone for Atlas, as it provides a platform for growth, and to ultimately execute on our strategy to become a global cannabis leader,” added Croome, “We are excited to ramp-up operations and continue to increase distribution in the eight international markets we serve today. We believe synergy, business efficiency and international reach will capture market share and accelerate growth in our industry. We believe the expertise and capabilities we have assembled across the cannabis value chain positions Atlas for long term success.”

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Photo by Esteban Lopez on Unsplash

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[source benzinga]

Written by biedex markets