Origin House, a North American cannabis products and brands company, announced today that it has divested its 5.1% equity interest in Alternative Medical Enterprises LLC for total consideration of US$6 Million. As Cresco Labs Inc. is prohibited under state law from acquiring additional positions in the Floridamarket, this divestment was a pre-closing condition to the Company’s previously announced plan of arrangement pursuant to which Cresco has agreed to acquire all of the issued and outstanding shares of Origin House.
“With one of the final conditions to closing the Arrangement with Cresco now complete, we look forward to proceeding to drive value for shareholders as a combined company, upon the expiration of the anti-trust waiting period,” commented Marc Lustig, Chairman and CEO of Origin House. “The sale of the remaining AltMed interest marks a significant milestone in the continued process whereby Origin House has monetized non-core holdings resulting in both substantial returns for shareholders and additional cash that has fueled the Company’s growth.”
The Company has received approximately US$3 million on close, with the remaining portion of approximately US$3 million, paid to Origin House in periodic installments, ending January 2020. Mr. Lustig has agreed with one of the purchasers that acquired 4.9% of the 5.1% Interest, Zola Global Investors Ltd. (“Zola“), to personally repurchase a portion of their interest in AltMed under certain conditions. Zola is an operationally focused family office with deep expertise in investing across the legal cannabis sector, providing a source of capital for corporations divesting assets as part of their merger requirements.
Mr. Lustig’s agreement to repurchase a portion of the Interest from Zola may be considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101“) as Mr. Lustig is a director and officer of the Company and his agreement to acquire a portion of the Interest is a “connected transaction” (as defined in MI 61-101) to the Company’s sale of the Interest. Mr. Lustig declared his interest in the sale of the Interest to the Board of Directors (the “Board“) of the Company and, with Mr. Lustig recusing himself, the Board has considered and approved the sale of the Interest. At the time the sale of the Interest was agreed to, the fair market value of the Interest, and the fair market value of the consideration for the Interest, insofar as it involves Mr. Lustig, was less than 25% of the market capitalization of the Company. As a result, the Company is relying on the exemptions from the minority shareholder approval and formal valuation requirements of MI 61-101 pursuant to Sections 5.5(a) and 5.7(a) of MI 61-101.
On July 2, 2019, the Company disclosed that it has entered into a binding term sheet agreement with Opaskwayak Cree Nation for a C$12 million debt financing (the “Financing”). Origin House announced today that it has received the second and final C$8.5 million tranche of the Financing. This Financing replaces the Company’s previous $12 million debt facility with a subsidiary of Sprott Inc., which has now been closed out.
Origin House ，一家北美大麻产品和品牌公司，今天宣布，它已出售其在替代医疗企业有限责任公司5.1%的股权，总对价为600万美元。由于根据州法律禁止 Cresco Labs Inc .收购 Floridamarket 的额外头寸，因此，此次撤资是该公司先前宣布的安排计划的一个截止条件，根据该计划， Cresco 同意收购 Origin House 的所有已发行和已发行股份。
Origin House 董事长兼首席执行官马克•鲁斯提格( Marc Lustig )表示：“随着与 Cresco 达成协议的最终条件之一现已完成，我们期待在反垄断等待期届满时，继续推动股东作为合并后公司的价值。”“出售剩余的 AltMed 权益标志着 Origin House 将非核心持股货币化的持续过程中的一个重要里程碑，这既为股东带来了可观的回报，也为公司的增长带来了额外的现金。”
本公司已于收市时收到约3,000,000美元，其余部分约3,000,000美元以定期分期付款方式支付给 Origin House ，至2020年1月止。Lustig 先生已与收购5.1%权益的4.9%权益的买方之一 Zola Global Investors Ltd .（简称“ Zola ”）达成协议，在特定条件下亲自回购其在 AltMed 的部分权益。Zola 是一个以业务为重点的家庭办公室，在法律大麻部门的投资方面拥有深厚的专门知识，为作为其合并要求一部分的公司剥离资产提供了资金来源。
Lustig 先生回购 Zola 部分权益的协议可被视为多边工具61-101——特殊交易中保护少数股东证券持有人（“ MI 61-101”）含义内的“关联交易”，因为 Lustig 先生为本公司董事和高级职员，其收购部分权益的协议是本公司出售该权益的“关联交易”（定义见 MI 61-101）。Lustig 先生向本公司董事会（“董事会”）申报了其出售该权益的权益，并与 Lustig 先生回避，董事会审议通过了出售该权益的议案。同意出售该权益时，该权益的公平市场价值及该权益代价的公平市场价值（就涉及 Lustig 先生而言）少于本公司市值的25%。因此，根据 MI 61-101第5.5( a )和5.7( a )节，本公司依赖少数股东批准和 MI 61-101正式估值要求的豁免。
2019年7月2日，本公司披露已与 Opaskwayak Cree Nation 就1,200万加元债务融资（“融资”）签订有约束力的条款清单协议。Origin House 今天宣布，它已收到第二笔和最后一笔850万加元的融资。该融资取代了公司先前的1200万美元债务融资与 Sprint Inc .的子公司，后者现已关闭。