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PUF Ventures gets court approval to spin out unit

The Supreme Court of British Columbia approved PUF Ventures Inc. previously announced plan of arrangement with its Weed Points Loyalty Inc. unit.

Under the arrangement, PUF Ventures shareholders will receive 1 Weed Points share for every 7 PUF Ventures shares they own. A total of about 7,034,279 Weed Points shares will be issued to PUF Ventures shareholders.

In addition, PUF Ventures will transfer its assets to Weed Points, including the WeedBeacon proprietary technology, current app developments, databases, graphics, brochures and other marketing materials.

The transaction was initially approved by PUF Ventures shareholders Nov. 24.