Pervasip Corp. PVSP, together with Zen Asset Management LLC, announced on Monday the execution of a letter of intent to acquire substantially all of the assets of BCCTG LLC.
BCCTG, owner of various brands, including Emerald City Cultivation, Emerald City Cured, Dabco, Dabs4Less and Vapes4less has agreed to terms to be acquired by ZAM, combining its brands and concentrate offerings with ZAM’s Artizen brands to form a powerful portfolio of brands, covering flower, pre-roll, dabbable concentrates and vape products.
The terms include acquisition of all BCCTG assets, including its brands, access to a Tier 2 producer/processor license and a turnkey laboratory which will be used to also manufacture new products under the Artizen brand.
According to the terms of the LOI, Zen will acquire the assets of BCCTG for cash, paid from contributed revenues with a monthly upper limit and cash neutral on current pre-transaction financials. In addition, Pervasip will provide a group of BCCTG owners, investors and employees 10.2% of Pervasip’s fully diluted equity in the form of restricted preferred stock.
“As outlined in our 24-months roadmap, which we published on September 6, 2022, this acquisition checks 2 of our boxes on the list of strategic objectives to be accomplished by year’s end 2022,” German Burtscher, Pervasip’s CEO, said. “Not only will it immediately add revenue upon final closing of the deal, but it will also add infrastructure, expertise and a handful of well-regarded brands to our brand lineup. Brian Martin and his team at Emerald City Cultivation and Dabco have done incredible work and built a strong and highly respected company.”
Photo: Courtesy of geralt, lindsayfox Pixabay
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