Canadian cannabis retailer Kiaro Holdings Corp. (TSXV: KO) announced its debut into the Ontario retail cannabis market through the acquisition of Cozy Cannabis.
Based in Vancouver, the company has purchased all issued and outstanding shares of Sculthorp SEO Inc. for $13.5 million in cash and stock.
The sum includes $850,000 in Kiaro’s common shares, issued at $0.135 per share and $500,000 in cash, subject to a $50,000 holdback for specific performance and transitionary matters and customary adjustments.
The acquisition, which is subject to the approval of the TSX Venture Exchange, enables Kiaro to utilize new revenue segments from the U.S. and Australian jurisdictions with consumption accessory sales. In addition, it strengthens the company’s strategic entry into Ontario.
Sculthorp SEO operates a store located at 1428 Dundas St W in the heart …