Invictus Strategies Corp. (TSXV: GENE) (OTCQX: IVITF) has announced this morning that the company has entered into an agreement to acquire GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) in exchange for $100 million dollars’ worth of their company’s stock.
If the transaction is approved, stockholders who own shares in GTEC Holdings will receive approximately 40% of the same common shares of Invictus along with an even amount of options and warrants. In order for the transaction to be approved, two thirds of GTEC shareholders must vote in favor of the acquisition. The TSX Ventures Exchange (TSXV) must also review and approve the transition.
Their combined company would hold a number of impressive assets involved in the cultivation, manufacturing, and distribution of cannabis derived goods. Invictus would own 400,000 sq. ft. of cultivation space that is EU-GMP certified, a genetic portfolio of 80 different cannabis strains, 30 retail stores across Canada, and two state-of-the-art extraction laboratories.
“As we now see the cannabis industry shift into non-medical use in Canada, and further medical markets expanding globally, this merger is synergistic and complementary. Combined, we offer a much stronger team with aligned visions on executing a pathway to become a global leader within the cannabis industry” said Norton Singhavon, Chairman and CEO of GTEC.