Cansortium Inc (CSE: TIUM.u) has entered into a strategic management services agreement with that of MXY Holdings, who is informally known as Moxie. The agreement will see Moxie provide management and consulting services to Cansortium for a period of two years.
The agreement is set to see Moxie assist Cansortium with the rapid expansion of operations within the state of Florida, which is Cansortium’s largest operational focus. With 18 dispensaries currently in operation along with two cultivation facilities, Moxie will use their operational expertise to assist with the rapid expansion of retail locations within the state, as well as assist with cultivation to ensure product availability for Cansortium’s medical clients.
The management services agreement is for an initial term of two years, however no financial data was released in connection with the announcement.
In addition to the services agreement, Cansortium has announced that they have conducted a raised for a total US$4.6 million. Each unit was sold at $0.45, which came with a common share and one common share purchase warrant, with an exercise price of $0.45 and an undisclosed expiry. The funds will be used for strategic growth as well as general corporate purposes. Moxie was a participant in the financing, but the final figure was undisclosed.
MXY Holdings, a vertical integrated US operator, may be a recognizable name to some. The firm was originally to combine with Green Growth Brands (CSE: GGB) in a $310 million all-stock transaction as announced last June. The deal eventually fell apart as a result of Green Growth’s cratering share value, and the termination became public in December.
Cansortium Inc last traded at US$ on the CSE.
Information for this briefing was found via Sedar and Cansortium Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
