Global Cannabinoids Inc. cancelled the acquisition of EXMceuticals Inc..
Upon completion of the merger, GC's current Chief Executive Officer, Kelly Ann Lewis-Bortman, will lead the Resulting Issuer and management team as the Chief Executive Officer. Jonathan Summers will be appointed the chairman of Resulting Issuer. The combined Board of Directors will consist of a total of five members, three of which, including Bortman, are current GC directors and two of which will be from EXM, one of which will be Jonathan Summers. EXM's Chief Financial Officer, Mike Kinley, will continue as the Chief Financial Officer of the combined entity.
The transaction is subject to a number of conditions customary, including, but not limited to, the receipt of required regulatory approvals, including, but not limited to the approval of the Canadian Securities Exchange (the 'CSE'), the completion of a change in the name of EXM to 'Global Cannabinoids Ltd' or such other name as may be requested by GC and acceptable to the application regulatory authorities, and the completion of the Board and Management reconstitution. The transaction has been unanimously approved by the Board of Directors of EXM and the members of GC. The transaction is expected to close before the end of 2021. The transaction is expected to be accretive to the Combined Company. Luminous Capital acted as corporate financial advisors to both GC and EXM on the transaction.
Global Cannabinoids Inc. cancelled the acquisition of EXMceuticals Inc. (CNSX:EXM) in a reverse merger transaction on January 10, 2022.