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AREV Nutrition completes C$5.2M acquisition of cannabis seed bank

AREV Nutrition Sciences Inc. has completed an acquisition of all assets under the BC Bud Depot brand.

Founded by Matthew Harvey, BC Bud Depot operates one of the world's largest seed banks for cannabis strains. BC Bud Depot plans to licence genetics within the Canadian industry and will directly supply genetic material to licensed producers owned by AREV Nutrition.

AREV issued Harvey 9.5 million common shares priced at 50 Canadian cents apiece, and an additional C$500,000. Of the total amount, C$50,000 was paid in cash and C$450,000 in the form of an 8% convertible debenture. The deal has an aggregate value of C$5.2 million.