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Bayswater plots mining exit, agrees to reverse takeover with cannabis firm

Bayswater Uranium Corp. plans to exit the mining industry via the acquisition of a U.S.-based cannabis manufacturer and distributor.

The company said May 14 that the proposed transaction will result in a reverse takeover of the company by Green Thumb Industries.

Bayswater will acquire all the voting securities of Green Thumb Industries, subject to certain conditions, including the completion of a financing, the consolidation of the company's shares, and securing the necessary regulatory and shareholder approvals.

The company expects to complete the transaction in the current quarter.