FutureLand Corp. will receive 12.0 million shares of newly issued common stock for its 20% interest in Apotheca Biosciences Inc. due to the biotech company's merger with Cannabis Leaf Inc.
Cannabis Leaf will issue 60.0 million shares to Apotheca Biosciences in exchange for all shares of Apotheca being acquired into Cannabis Leaf, according to the merger agreement.
Apotheca Biosciences will be the surviving entity and will have the authority to appoint the directors and officers of the merged enterprise upon deal completion, through the resignation of the existing director and officer of Cannabis Leaf and Apotheca's simultaneous appointment of two directors and officers.
In addition, the companies have agreed to change the name of Cannabis Leaf Inc. to Apotheca Biosciences Inc. under Nevada law.
The transaction is expected to close May 15, with the release block of control shares.
