Cannabis-focused Organic Flower Investments Group Inc. finalized the purchase of all the remaining shares it did not already own in Delta Organic Cannabis Corp., formally known as 1180782 BC Ltd.
Organic Flower issued a total of 54,687,503 units. Each unit encompasses one Organic Flower common share and one common share purchase warrant that is exercisable for one Organic Flower common share at a price of 65 Canadian cents until Dec. 5, 2020.
Through the deal, Organic Flower also gained control and direction of 44,582,040 common shares, or roughly 11.2% of the outstanding common shares, of AgraFlora Organics International Inc. due to Delta Organic's equity participation and earn-in agreement with AgraFlora.
Organic Flower may sell the AgraFlora shares on the open market or under private sales in the future depending on market conditions, among other factors, according to a release.