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Metropolitan Energy plans switch to US cannabis market

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Metropolitan Energy plans switch to US cannabis market

Metropolitan Energy Corp. intends to enter the U.S. cannabis market with the acquisition of Bertram Capital Finance Inc., which operates under the business name of Cannabis One.

Colorado-based Cannabis One services the legal cannabis industry through real estate development and lease-back equipment financing, operating lines of credit, consultation, and intellectual property and brand management within U.S. state-legal markets.

The company said July 5 that it will acquire all the issued and outstanding securities of Cannabis One in a reverse takeover transaction.

Metropolitan Energy will delist from the NEX board of the TSX Venture Exchange and plans to apply to list the resulting issuer's common shares on the Canadian Securities Exchange.

Concurrently, the parties will look to raise up to C$6.0 million via a nonbrokered private placement of up to 12.0 million units at 50 Canadian cents per unit.