Trees Corporation (NEO:TREE.AQN) said it has completed its previously-announced acquisition of Miraculo Inc, a private Canadian integrated media, technology, and consumer product company that addresses the needs of underserved audiences in the medical cannabis and CBD market.
The company also announced that former Miraculo CEO Michael Klein will become the new CEO of Trees Corporation (NEO:TREE.AQN).
“By combining Trees and Miraculo, we have created a 'next now' cannabis company at the intersection of content, community, and commerce,” Klein said in a statement. “Integrating our technology, data, storytelling, and fast-growing retail footprint, we aim to unlock and capture emerging consumer segments across our platforms."
READ: Trees Corporation inks deal to acquire all shares of Miraculo; announces leadership changes
Trees Corp noted that Klein and G. Scott Paterson have been appointed to the company’s board of directors.
Under the terms of the acquisition agreement, the Miraculo shares held by its shareholders were exchanged on a pro-rata basis for a total of 13,639,917 common shares in the capital of Trees plus 6,819,922 warrants to purchase Trees shares, which are exercisable at a price of $0.11 per share until December 31, 2024.
The company said Miraculo has launched several verticals including ‘cannabisMD.com’, a consumer-education platform designed to help guide consumers on their exploration of the benefits of medical cannabis and CBD; and ‘askCMD.com’, a proprietary recommendation engine guiding consumers to the CBD products that best fit their needs.
Trees Corp is an independent retail cannabis operator that is deeply rooted in the cannabis community and has been a respected voice of advocacy that has helped usher in legalization across Canada. Through its trusted reputation, history and passion for the 'plant', the company delivers a differentiated and authentic consumer experience unlike any other.
Contact Sean at sean@proactiveinvestors.com