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Mota Ventures Corp. (CSE:MOTA) (FSE:1WZ1) (OTC:PEMTF) (the “Company”) is pleased to announce that it has acquired (the “Acquisition”) all of the outstanding share capital of 1244780 B.C. Ltd. (the “Target”). The Acquisition was completed pursuant to a share exchange agreement (the “Purchase Agreement”), dated April 7, 2020, and entered into with an arms-length third-party (the “Vendor”). The sole asset of the Target consists of a 20% equity interest in Folium Life Sciences Inc. (“Folium”), which is in the process of developing a licensed indoor cannabis production facility located on Vancouver Island. In consideration for the Acquisition, the Company has issued 21,000,000 common shares.
Folium is a Health Canada licensed cannabis cultivator with facilities located on Vancouver Island. Folium is nearing completion of the expansion of its existing cultivation facility. Its business plan calls for a further phase 2 expansion of the facility. Folium aims to produce a high quality and consistent cannabis product through its facilities.
“Canada has been a pioneer in legalization and early adoption of cannabis for both recreational and medical purposes. This equity position in a well-capitalized licensed producer provides Mota with a sound financial investment in the sector.” stated Ryan Hoggan, CEO of the Company.
Each of the Vendor, the Target, and Folium are at arms-length from the Company. The Acquisition does not constitute a fundamental change for the Company, nor has it resulted in a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. In connection with completion of the Acquisition, the Company has issued 210,000 common shares (the “Administrative Fee Shares”) to a consultant who assisted with the Acquisition.
About Mota Ventures Corp.
Mota Ventures is seeking to become a vertically integrated global CBD brand. Its plan is to cultivate and extract CBD into high-quality value-added products from its Latin American operations and distribute it both domestically and internationally. Its existing operations in Colombia consist of a 2.5-hectare site that has optimal year-round growing conditions and access to all necessary infrastructure. Mota is looking to establish sales channels and a distribution network internationally through the acquisition of the Sativida and First Class CBD brands. Low cost production, coupled with international, direct to customer sales channels will provide the foundation for the success of Mota Ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
MOTA VENTURES CORP.
For further information, readers are encouraged to contact Joel Shacker, President, at +604.423.4733 or by email at IR@motaventuresco.com or www.motaventuresco.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the development of a cultivation facility by Folium, the Company’s plans to become a vertically integrated global CBD brand, its plans to cultivate and extract cannabis to produce CBD and high-quality value added CBD products in Latin America for distribution domestically and internationally and its plans to acquire revenue-producing CBD brands and operations in Europe and North America. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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