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Alliance Growers to acquire Ontario-based e-cigarette distributor

Alliance Growers Corp. plans to acquire e-cigarette distributor Spyder Vapes Inc.

The Vancouver, Canada-based cannabis company executed a letter of intent to acquire all the issued shares of Spyder Vapes.

Alliance will issue to the Spyder shareholders 10 million common shares at a consideration of 25 Canadian cents per share.

Alliance and Spyder intend to add additional retail stores in 2018 in jurisdictions where Spyder can apply for legal cannabis distribution licenses. Spyder has three vape stores in Ontario and is sourcing retail locations in Alberta and British Columbia.