LOS ANGELES, Aug. 30, 2020 (GLOBE NEWSWIRE) — Ventura Cannabis and Wellness Corp. (CSE:VCAN) (“Ventura Cannabis”, “VCAN”, or the “Company”) is happy to announce it has entered right into a definitive settlement to promote Cathedral Asset Holding Corporation (“CAHC” or “Cathedral”) and its distribution and manufacturing belongings in Santa Rosa, California to Vibe Bioscience Ltd. (CSE:VIBE) (“Vibe”).

Cathedral, an organization organized beneath the legal guidelines of California, leases a facility in Santa Rosa, California and is licensed for distribution and manufacturing of regulated hashish.  Cathedral’s distribution license and facility will enable Vibe to full logistics and achievement from its cultivation amenities to its retail retailer community and enable for the transportation, packaging, labelling, testing, storage, and switch of its marijuana merchandise. The manufacturing license will enable Vibe to develop its Hype Cannabis Co.TM product line and produce all kinds of all-natural Hype Cannabis Co.TM merchandise.

Vibe will purchase the entire issued and excellent shares of Cathedral for $333,300 Canadian {dollars} in an all share transaction and will assume the lease obligation for the Santa Rosa facility, in addition to the prevailing stock of vape merchandise. Ventura may also obtain twelve month on the cash warrants to purchase up to 800,000 shares of Vibe. The completion of the Cathedral acquisition is topic to, amongst different issues, the receipt of regulatory approvals and the satisfaction of closing circumstances. The internet proceeds can be distributed to VCAN shareholders and the acquisition is scheduled to shut on September 15, 2020.

About Vibe Bioscience Ltd.

Vibe is an built-in hashish firm delivering distinctive retail experiences with its Vibe By CaliforniaTM model and ethos, premier cultivation product and high-efficiency supply, and on-line gross sales. The Company’s administration crew brings experience in retail, hashish cultivation and mergers and acquisitions to assist its U.S. growth via accretive acquisitions and natural development. Vibe is listed on the Canadian Securities Exchange beneath the image VIBE, on the OTC beneath image VBSCF, and in Germany as A061.  To study extra about Vibe, please go to www.vibebycalifornia.com.

For extra info contact:

Ventura Cannabis and Wellness Corp.
Chris Heath, CEO
(424) 372-1123

Certain statements contained on this presentation represent “forward-looking information” as such time period is outlined in relevant Canadian securities laws. The phrases “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “confident” and comparable expressions as they relate to the Company. Such statements replicate the Company’s present views and intentions with respect to future occasions, and present info accessible to the Company, and are topic to sure dangers, uncertainties, and assumptions. The forward-looking info included are made as of August 30, 2020, and the Company undertakes no obligation to publicly replace or revise any forward-looking info, apart from as required by relevant legislation. VCAN holds or is buying marijuana belongings within the United States. Previously disclosed acquisitions are nonetheless topic to closing. Marijuana is authorized in every state VCAN is wanting to function, nevertheless marijuana stays unlawful beneath US federal legislation, and the method to enforcement of US federal legislation in opposition to marijuana is topic to change. Shareholders and buyers want to remember that opposed enforcement actions may have an effect on their investments and that VCAN’s skill to entry personal and public capital could possibly be affected and or couldn’t be accessible to assist persevering with operations.

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