Randsburg International Gold Corp. entered into a binding letter agreement for a reverse takeover by Chicago-based cannabis company Cresco Labs LLC.

The company said Oct. 10 that it will seek shareholder approval at a special meeting Nov. 14, and the deal is expected to close in the fourth quarter.

Randsburg International Gold plans to change its name to Cresco Labs Inc. and consolidate its common shares.

The company previously held various mining assets including the Titan iron ore property in Ontario and the Victory Strike diamond property in Brazil.