SOL Global to Focus Resources and Investments on Growing Florida Market And Its Purchase of California Premium Cultivator Northern Emeralds
MCP Wellness To Repay All $12.5 Million Advanced By SOL Global and CannCure
TORONTO, Nov. 27, 2019 /PRNewswire/ – SOL Global Investments Corp.’s (“SOL Global” or “Company”) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) portfolio company CannCure Investments Inc. (“CannCure”), owner/operator of the licensed Florida medical marijuana treatment center One Plant (previously named as 3 Boys Farms) and proposed purchaser of the famed California craft cannabis cultivator ECD Holdings, Inc., d/b/a Northern Emeralds (“Northern Emeralds”), today announced it has entered into a mutual termination agreement and promissory note with MCP Wellness to terminate the binding letter of intent (the “Binding LOI”) dated April 23, 2019 whereby the Company was to acquire 100% of the stock of MCP Wellness (“MCP”) for $35 million in cash and US$115 million in equity consideration in CannCure.
MCP is the Merida Capital Partners affiliate that owns the rights to own three Michigan cultivation licenses, a processing license, 9 licensed and operating provisioning centers (“dispensaries”), and 6 additional dispensary licenses, giving it the largest retail footprint in the state of Michigan.
Both MCP and the Company have recognized that current