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Canada's Captiva Verde signs deal to buy Mexican cannabis licenses, properties

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Canada's Captiva Verde signs deal to buy Mexican cannabis licenses, properties

Canada's Captiva Verde Land Corp. struck a deal with S&G Procesos Industriales SA de CV for the purchase of cannabis licenses, related land and facilities in Mexico.

The real estate company said the final price will be settled and the acquisitions will be made once the newly elected Mexican administration finalizes the defined regulations for cannabis use.

Under the deal terms, Captiva Verde will pay S&G a fee of 7% of the proceeds, to be paid by Captiva Verde for the acquired cannabis assets.

Captiva Verde will seek financing at the project level by credit facilities with repayments from a percentage of product sales.

Captiva Verde earlier said that subject to approval by the Canadian Securities Exchange, the company plans to issue 1 million common shares to S&G, which will be responsible for the infusion and distribution of finished cannabis products for the local and export markets.