VANCOUVER, BC, October 16, 2018 - Cannex Capital Holdings Inc. (CSE: CNNX / OTCQB: CNXXF) (“Cannex” or the “Company”) announces that the Company has terminated its binding letter agreement (the “Letter Agreement”), previously announced in its press release dated April 9, 2018, and subsequent disclosure, to acquire 100% of Ametrine Wellness dba Jetty Extracts (“Jetty”). Cannex continues to actively pursue opportunities in California and other US states.
Pursuant to the Letter Agreement, Cannex provided Jetty with US$3.5 million in bridge funding under a secured convertible note that allowed for an aggregate principal amount of up to US$5 million. Cannex expects that the US$3.5 million note, along with accrued interest, will be repaid in full by close of business October 17, 2018.
About Cannex Capital Holdings Inc.
Cannex Capital, through its wholly-owned subsidiaries, provides real estate, management, financial, branding and IP support to its growing portfolio of licensed cannabis business operators. Cannex is undertaking expansion initiatives to support the acquisition and development of additional assets in legal medical and recreational cannabis markets. Based in Vancouver, BC, Cannex is managed by a team of experienced industry and capital markets experts who are committed to aggressive, cost-effective growth. Cannex currently owns BrightLeaf Development LLC, which holds real estate assets, property leases, intellectual property, and material supply agreements with licensed cannabis businesses in Washington State.