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Mota Ventures Provides Update on Acquisition of First Class CBD

Dec 01, 2020 : Syndicated News From Cannabis Investing News.

Mota Ventures Corp. is pleased to provide an update regarding its proposed acquisition of the online distributor First Class CBD.

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Mota Ventures Corp. (CSE:MOTA) (the “Company”) is pleased to provide an update regarding its proposed acquisition of the online distributor First Class CBD. As previously announced, the Company has signed a binding term sheet (the “Term Sheet”), dated effective January 2, 2020, with Unified Funding LLC (“Unified”), an arms’-length party, to acquire the operations of First Class CBD.

Based in Wyoming, First Class CBD offers a CBD hemp-oil formula intended to provide users with the therapeutic benefits that hemp may offer. The hemp oil used in the product is derived from hemp grown and cultivated in the United States. The extraction process is designed to maintain all of the beneficial qualities that the hemp may offer. First Class CBD offers a range of products, which include CBD oil drops, CBD gummies, CBD pain relief cream and CBD skin serum.

First Class CBD is a leader in online CBD sales in North America, and in the eleven months through to November 30, 2019, Unified generated revenue of approximately US$30,000,000 from the distribution of First Class CBD products, with a profit margin of approximately 9.5%. The Company cautions that figures for revenue and profit margin generated from the sale of First Class CBD products have not been audited, and are based on calculations prepared by management of Unified. Actual results may differ from those reported in this release once these figures have been audited.

For more information on First Class CBD, readers are encouraged to review their website, www.firstclasscbd.com.

The Term Sheet contemplates that the Company would acquire Unified’s First Class CBD business. Total consideration for the acquisition is anticipated to be US$32,000,000 (the “Purchase Price”), of which an aggregate of US$3,000,000 will be payable in a series of payments over a six-month period, and the balance in common shares of the Company at an effective price of Cdn$0.80 per share. All securities issuable in connection with the acquisition will be subject to the terms of a thirty-six (36) month time-release pooling arrangement, as well as a claw-back arrangement in the event revenue generated by First Class CBD in the 2020 calendar year does not exceed US$28,000,000. Unified will also be entitled to a bonus payment in the event revenue and profitability of First Class CBD in the 2020 calendar year exceeds certain agreed upon thresholds.

Completion of the acquisition of First Class CBD remains subject to finalization of a structure for the acquisition, giving consideration to appropriate tax and corporate factors, and the negotiation of definitive documentation in respect of the acquisition, which is expected to include an agreement by which Unified will continue to provide management and operational oversight for the business following closing. The acquisition cannot be completed until a structure and documentation have been finalized.

About Mota Ventures Corp.

Mota Ventures is seeking to become a large-scale vertically integrated low-cost producer and exporter of the highest quality CBD products. The Company currently controls a 2.5-hectare site located in Colombia, with optimal year round growing conditions and access to all necessary infrastructure. The site is located approximately 2 hours outside of Bogota 20 minutes away from the free trade zone and 30 minutes away from the international airport. Phase one development in Colombia will consist of a state of the art 60,000 square foot greenhouse with the capacity to produce more than 14,000,000 grams of non-psychoactive cannabis per year, along with build out of the Company’s extraction facilities. The Company intends to focus on CBD extraction to produce pure raw CBD, with the goal to make value added CBD products and create its own brand to be sold internationally. The Company anticipates completing phase one development in Colombia by the end of the third-quarter of 2020, at an estimated cost of approximately Cdn$1,300,000. Completion of phase one will also require completion of the acquisition of an additional 11-hectare site in Colombia, at a cost of approximately Cdn$500,000.

ON BEHALF OF THE BOARD OF DIRECTORS

MOTA VENTURES CORP.
Joel Shacker
Chief Executive Officer

For further information, readers are encouraged to contact Joel Shacker, Chief Executive Officer at +604.423.4733 or by email at [email protected] or www.motaventuresco.com.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statement

Mota Ventures Corp. is pleased to provide an update regarding its proposed acquisition of the online distributor First Class CBD.