CannHealth Group Limited entered into a binding letter agreement to acquire Goldbelt Empires Limited (TSXV:GBE) in a reverse merger transaction on October 29, 2018. As on April 18, 2019, CannHealth Group Limited entered into a share purchase agreement to acquire Goldbelt Empires Limited in a reverse merger transaction. Upon completion, CannHealth Group Limited will hold 96.49% stake in Goldbelt Empires Limited. The agreement provides that at the time of closing all outstanding common shares of CannHealth Group Limited will be exchanged for post-consolidation ordinary shares of Goldbelt Empires Limited on a one-for-one basis. The agreement provides that the ordinary shares of Goldbelt Empires Limited will be consolidated and Goldbelt Empires Limited will complete a brokered private placement of ordinary shares. In connection with the transaction, CannHealth Group Limited and Goldbelt Empires Limited enter into option cancellation deeds with the CannHealth option holder pursuant to which the option holder will agree to surrender their CannHealth options for cancellation in exchange for Goldbelt Empires Limited granting the option holder an equivalent number of options to purchase post-consolidation Goldbelt Empires Limited shares on substantially similar terms to the CannHealth options; and also enter into performance rights cancellation deeds with each CannHealth rights holder pursuant to which the rights holder will agree to exercise their vested CannHealth performance rights concurrently with the closing of the proposed transaction and to surrender their unvested CannHealth performance rights for cancellation in exchange for Goldbelt Empires Limited granting the rights holder an equivalent number of Lifestyle Global performance rights on substantially similar terms to the CannHealth performance rights. In a related deal, Integrated Compliance Solutions, LLC cancelled the acquisition of Goldbelt Empires Limited in a reverse merger transaction on October 29, 2018. In connection with deal, it is anticipated that Goldbelt Empires Limited will voluntary delist from the TSX Venture Exchange and re-list on the Canadian Securities Exchange. Upon completion, certain Directors and officers of Goldbelt Empires Limited will resign and be replaced by nominees of CannHealth; the anticipated Directors and officers are set forth; Daniel Lanskey as Non-Executive Chairman, Director; Andrew Sparke as Non-Executive Director, Vick Dusik as Director, Amit Raj Beri as Chief Executive Officer and Director and Michael Kahn as Chief Financial Officer. The definitive agreement regarding the deal will contain customary covenants, representations and warranties of and from each of CannHealth Group Limited and Goldbelt Empires Limited and completion of the business combination will be subject to various conditions precedent, both mutual and with respect to CannHealth Group Limited and Goldbelt Empires Limited respectively, including but not limited to the receipt of approval of the Canadian Securities Exchange, approval of the Board of Directors of Goldbelt Empires Limited and CannHealth Group Limited and approval of the shareholders of CannHealth Group Limited and Goldbelt Empires Limited; and completion of spin out and other transactions. The definitive agreement expired on September 30, 2019. As of December 31, 2019, Lifestyle Global Brands is trying to negotiate an agreement. CannHealth Group Limited cancelled the acquisition of Goldbelt Empires Limited (TSXV:GBE) in a reverse merger transaction on May 29, 2020.