Atlas Global Brands Inc. (OTCPK:AGBIF) (CSE:ATL) has entered into a definitive agreement, signed May 17, 2023, for the acquisition of 51% of the outstanding securities of an Israeli private limited liability company operating a medical cannabis pharmacy. The proposed transaction is one of two proposed acquisitions previously announced on March 7, 2023 upon the company entering into binding letters of intent for the acquisition of a 51% and 70% interest in two medical cannabis pharmacies in Israel.

The pharmacy was granted a license to sell medical cannabis in October 2022 and annualized sales have since grown to approximately NIS 6.0 million (approximately $1.6 million).

Terms of the Proposed Acquisitions

Under the proposed transaction, Atlas will acquire a 51% interest in the pharmacy for 1.1 million common shares of Atlas …

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