Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE: BWEL.U) (OTCQX:BMWLF) is pleased to announce that the Company has obtained a final order of the Supreme Court of British Columbia approving the previously announced acquisition of the Company by Cresco Labs Inc. (“Cresco”), by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).
If the Arrangement is completed, Cresco will, among other things, acquire all of the issued and outstanding common shares in the capital of the Company (each a “Bluma Share”), in exchange for which holders of Bluma Shares (“Bluma Shareholders”) will receive 0.0859 of a subordinate voting share of Cresco for each Bluma Share held, subject to adjustment in accordance with the terms of the Arrangement.
The Arrangement was approved by the Bluma Shareholders at the special meeting of Bluma Shareholders held on March 19, 2021. The completion of the Arrangement remains subject to a number of conditions, including but not limited to the receipt of regulatory approval of the Florida Department of Health Office of Medical Marijuana Use.
About Bluma Wellness Inc.
Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows.