ST. THOMAS, ON– MERA announced that, effective July 7, 2021, it completed the acquisition of all of the issued and outstanding shares of Greenleaf Productions Inc. under a share purchase agreement with the shareholders of Greenleaf. As consideration for the Greenleaf shares, Mera issued common shares from the treasury to the shareholders of Greenleaf.
Also based in St. Thomas, Ontario, Greenleaf specializes in hydrocarbon and ethanol extraction of cannabinoids and substantially adds to Mera’s cannabis processing capabilities. Greenleaf-manufactured products can be found across the country in the vape and concentrate categories.
On the transaction, Zubin Jasavala, Chief Executive Officer of Mera remarked, “We have been working closely with the Greenleaf team for over a year on several projects, including products that are available in market today and new projects that will come to fruition in the months ahead. This acquisition was a natural next step that became increasingly apparent to both parties.”
Rick Smyth, President of Greenleaf stated, “At Greenleaf, we have had the pleasure of working with Canada’s best-in-class cannabis companies in a variety of capacities. The synergies we have with Mera were clear from the beginning, and we can now bring our combined value to our clients in a much more meaningful way.”
Mera is also pleased to announce that Avana Labs Inc. (“Avana Labs“), a wholly-owned subsidiary, was issued its Standard Processing license by Health Canada on June 25th, 2021. This license permits Avana Labs to possess cannabis, produce cannabis, other than by cultivating, propagating, or harvesting it, and sell cannabis in accordance with subsection 17(5) of the Cannabis Regulations. Following the new license and the closing of the Greenleaf transaction, Mera and its subsidiaries now operate four licensed sites in St. Thomas, Ontario.
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This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, Mera’s future plans with respect to increasing company value, future market competitiveness, future processing and production capacity, the future availability of products and future product offerings. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political, contractual and social uncertainties, including any COVID-19 restrictions; and the delay or failure to receive regulatory approvals or purchase orders. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Mera assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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