Stillcanna and Mota Ventures Mutually Agree to Dissolve Letter of Intent
VANCOUVER, BC / ACCESSWIRE / March 2, 2020 / Stillcanna Inc. (OTC PINK:SCNNF) (CSE:STIL) (FRANKFURT:A2PEWA) ("STIL" or the "Company") and Mota Ventures Corp, upon constructive analysis with investors, have mutually agreed to suspend merger discussions until further notice. Both companies agree that meeting the Mota funding requirements of the non-binding letter of intent between the parties dated February 25, 2020, would be difficult under current market conditions.
"After assessing the current market conditions and the sentiment of our shareholders, we have mutually decided with Mota to terminate our letter of intent with Mota. The Company continues to recognize the value of a strong retail presence and will explore future possibilities with the use of its strong treasury. In the meantime, the Company will continue focusing on its internal business opportunities."," stated Jason Dussault, CEO of the Company.
About Stillcanna Inc.
Stillcanna Inc. (CSE:STIL) investors.stillcanna.com is a Canadian early-stage life sciences company focused on the large scale manufacturing of CBD in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly Biosciences LLC, a United Kingdom-based supplier of CBD. The Company also recently completed the acquisition of Olimax NT SP. Z .O.O, a multi-generational hemp agricultural firm that is expected to increase the Company's market share in the European CBD industry.
On Behalf of the Board
Jason Dussault, CEO
Mauricio Inzunza
Mauricio@Stillcanna.com
1(844)-442-STILL (7845)
SOURCE: Stillcanna Inc.
View source version on accesswire.com:
https://www.accesswire.com/578592/Stillcanna-and-Mota-Ventures-Halt-Merger-Talks