Mota Ventures has acquired all of the outstanding share capital of 1244780 B.C. "The Acquisition was completed pursuant to a share exchange agreement, dated April 7, 2020, and entered into with an arms-length third-party," the team with the company explains. "The sole asset of the Target consists of a 20% equity interest in Folium Life Sciences, which is in the process of developing a licensed indoor cannabis production facility located on Vancouver Island. In consideration for the Acquisition, the Company has issued 21,000,000 common shares."
"Folium is a Health Canada licensed cannabis cultivator with facilities located on Vancouver Island. Folium is nearing completion of the expansion of its existing cultivation facility," they further explain "Its business plan calls for a further phase 2 expansion of the facility. Folium aims to produce a high quality and consistent cannabis product through its facilities."
"Canada has been a pioneer in legalization and early adoption of cannabis for both recreational and medical purposes. This equity position in a well-capitalized licensed producer provides Mota with a sound financial investment in the sector." stated Ryan Hoggan, CEO of the Company.