Graph Blockchain Enters Psychedelics Market With LOI to Acquire Shroom Street
20 Noviembre 2019 - 3:00AM
Graph Blockchain Inc. (“
Graph” or
“
Company”) (
CSE: GBLC) is
pleased to announce the Company has signed a Letter of Intent
(“
LOI”) to acquire (the
“Proposed
Acquisition”) Shroom Street Limited
(
“Shroom”) for an aggregate purchase price of
$1,000,000 CAD payable through the issuance of common shares in the
capital of the Company at a deemed price of $0.05 per share.
The Proposed Acquisition is result of the formal
review announced on September 18th, 2019 whereby management and the
board of directors set out to identify strategic initiatives that
could compliment the company’s blockchain technology in new
verticals that create shareholder value.
Shroom Street is psychedelic focused brand that
is developing a psychedelic truffle e-commerce marketplace,
psychedelic lifestyle brand, and media company that covers the
latest developments in psychedelic science, activism and
investing.
“Implementing our private blockchain solutions
into Shroom Street’s online marketplace will ensure the integrity
and security of all transactions on the company’s e-commerce
marketplace. The growth of the Cannabis industry has been
staggering and the investors who were early enough profited
greatly. Investing in medicinal mushrooms in 2019 is looking to
generate returns like those experienced in Cannabis 6-7 years ago
and we are excited to be a part of it,” says Jeffrey Stevens,
Interim CEO of Graph Blockchain.
Shroom Street’s most distinctive strengths are
it’s first mover advantage and its connections to leading experts
and product suppliers in the psychedelic industry. Graph
Blockchain’s acquisition of the company is an ideal fit as there is
a pressing need for product tracking when it comes down to selling
mushrooms containing psilocybin. Due to the strict regulations for
these types of products around the world online sales of these
products can prove difficult as substances containing psilocybin
are currently legal only in Brazil, Jamaica, Netherlands and Samoa.
Real-time visibility, verification and transparency of the supply
chain can be achieved utilizing Graph Blockchain’s technology
protecting consumers and the company from risk. Shroom Street plans
to sell its products in all legal jurisdictions and is planning an
official launch their website in early December.
Jeremy Prinsen commented, “I am thrilled to join
Graph and am looking forward to implementing their technology to
ensure we build a trusted and profitable business in the
psychedelic industry.”
The closing date for the Proposed Acquisition is
on or around December 31st, 2019 and is subject to the Company and
Shroom entering into a definitive agreement, receipt of regulatory
approval, the approval of the shareholders of Shroom and customary
closing conditions. A finder’s fee of 10% of the transaction is
payable in shares on closing.
About Graph Blockchain Inc.
The Company develops leading-edge private
blockchain business intelligence and data management solutions.
Graph leverages its proprietary integration of the AgensGraph
Database engine with Hyperledger Fabric to create a transparent and
immutable ledger with near real-time transactional data processing
and intuitive data visualization.
Additional Information on the Company is
available at: www.graphblockchain.com
For further information, please
contact:
Jeffrey Stevens – Interim CEOPhone: (647)
777-7974Email: jstevens@graphblockchain.com
Forward Looking Statements
This news release contains "forward-looking
statements" within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in
nature may constitute forward-looking statements. In some cases,
forward-looking statements can be identified by words or phrases
such as "may", "will", "expect", "likely", "should", "would",
"plan", "anticipate", "intend", "potential", "proposed",
"estimate", "believe" or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions "may" or "will"
happen, or by discussions of strategy. Readers are cautioned to
consider these and other factors, uncertainties and potential
events carefully and not to put undue reliance on forward-looking
statements. Such statements may prove to be incorrect and actual
results may differ materially from those anticipated.
Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement
and reflect the Company’s expectations as of the date hereof and
are subject to change thereafter. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, estimates or opinions,
future events or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
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