Blox Labs Inc. (CSE:BLOX, FWB:BR1B) announced last week that it was beginning a review of potential strategic acquisitions, with a specific focus on transactions within the legal cannabis sector, and it seems that they may have already secured a unique and potentially profitable opportunity. Perhaps coincidentally, in anticipation of the upcoming legalization of recreational cannabis in Canada on October 17th, just this week, BLOX entered into a non-binding Letter of Intent with Best Cannabis Products Inc. (BCP), a privately held Canadian company that is backed by successful repeat entrepreneurs who are now turning their attention to the cannabis space. Pursuant to the agreement, and subject to finalization of mutual and customary due diligence and regulatory approval, BLOX may acquire all of the issued and outstanding securities of Best Cannabis Products Inc. (BCP) in exchange for securities of BLOX.
After recently completing a private financing round, BCP secured a state of the art agricultural facility in Leamington, Ontario with 180,000 square feet of growing space on fifty acres of land. This means that, if and when they can become licensed to produce and sell, they not only have enough space to start cultivating substantial quantities of cannabis for the Canadian market, but they also have considerable room for growth. According to BCP, the Leamington facility could be expanded to cover upwards of 1,000,000 square feet. Additionally, BCP has taken the all too crucial step of enlisting the services of cannabis industry professionals David Hyde & Associates, as well as Eurofins to assist in preparing their ACMPR Licensed Producer application that will be submitted to Health Canada in short order.
Should it pass muster, the potential BCP acquisition represents an intriguing acquisition opportunity for BLOX as it could not only give them access to the potential profits that may be Continue Reading