Digipath Inc. entered a binding letter of intent to acquire VSSL Enterprises Ltd., a cannabis technology company, in a cash-and-stock deal.
The Las Vegas-based company is acquiring 100% of VSSL's outstanding common shares for a consideration of 6 million Digipath common shares as well as a $200,000 cash payment. The letter of intent is subject to the execution of definitive agreements.
VSSL develops predictive tools for the cannabis industry. The acquisition will provide Digipath cannabis data, technology and intellectual property, the company said in a news release.
Meanwhile, VSSL CEO Kyle Remenda was appointed CEO of Digipath, effective upon signing of the letter of intent.
Digipath provides cannabis-related testing services in the U.S.
