SEATTLE, Sept. 15, 2021 (GLOBE NEWSWIRE) — Wikileaf Technologies Inc. (“Wikileaf” or the “Company”) (CSE: WIKI) is pleased to announce the closing of its previously announced sale of all of Wikileaf’s digital assets (the “Assets”) including the website domain, www.wikileaf.com to Fire & Flower Holdings Corp. (“Fire & Flower”) (TSX: FAF) (OTCQX: FFLWF) and Hifyre Inc. (“Hifyre”) for consideration of $7.5 million, satisfied by the issuance of 8,017,103 common shares of Fire & Flower (“Share Consideration”) based upon the Fire & Flower’s 10-day volume weighted average price as of August 3, 2021, the date of the definitive agreement.
“We are pleased to announce the closing of Wikileaf’s digital assets to industry leader Fire & Flower and HiFyre in exchange for equity in Fire & Flower. Technology has been an underrepresented area of the cannabis industry to date. Fire & Flower’s growing retail presence alongside the HiFyre technology stack will provide Wikileaf’s digital assets with the resources and expertise it needs to reach the platform’s full potential while avoiding the need to raise additional capital and in turn dilution to the Company’s shareholders” said Connor Cruise, Chairman and Interim Chief Executive Officer of Wikileaf. With the closing of the sale of the Assets, the Company announces that it intends to change its name to from Wikileaf Technologies Inc. to “Cashbox Ventures” and exit the United States cannabis sector.
About Wikileaf Technologies Inc.
Wikileaf (www.wikileaf.com) is an online platform for cannabis enthusiasts and consumers to discover and interact with local dispensaries and cannabis brands.
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This news release contains forward-looking statements relating to product development, plans, strategies and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. Forward-looking information in this news release includes, but is not limited to, statements in respect of the cannabis technology industry, change of name and exit from the United States cannabis sector. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.