Wuhan Signs Letter of Intent to Acquire MJ MedTech
TORONTO, ON -- October 04, 2018 -- InvestorsHub NewsWire -- Wuhan General Group (China), Inc. (OTC PINK: WUHN) ("Wuhan" or the "Company"), announced today that it has signed a non-binding Letter of Intent ("LOI") to acquire all of the issued and outstanding shares in MJ MedTech Inc. ("MJ MedTech").
The transaction would include all assets, including production/manufacturing, distribution, licenses, formulations and IP and would represent Wuhan's entry into the U.S., Canadian and European markets for medical cannabidiol (CBD) products.
The final terms and closing of the transaction are subject to the negotiation and execution of a definitive agreement and certain other customary conditions including the receipt of all necessary regulatory approvals. The transaction is expected to close in the fourth quarter of 2018.
The entering into of the LOI follows Wuhan's recently announced appointment of Dr. Anna Morera Leralta, ("Dr. Anna") as the company's chief medical officer (CMO) and her role in seeking out opportunities in the medical cannabis and CBD sectors.
The global legal cannabis market is expected to reach USD 146.4 billion by end of 2025. Growing adoption of cannabis in several medical applications such as cancer, mental disorders, chronic pain and others, is expected to propel revenue growth.
"Signing this LOI is another key strategic step forward for Wuhan, and we are excited by the prospect of entering this marketplace that is still in its very early days. By establishing a presence in the U.S., Canada and Europe, we anticipate the potential for huge growth and to build sustainable long-term shareholder value", said Ramy Kamaneh, CEO of Wuhan.
In light of the transaction, Wuhan has made the decision to suspend its cryptocurrency mining operations and plans until further notice.
About Wuhan General Group (china) Inc
Wuhan General Group (China), Inc., is a Nevada-based investment company focused on emerging technology and medical cannabis and cannabidiol (CBD) sectors. Through acquisitions, Wuhan will enter the international 146.4 billion growing cannabis market for the medical applications such as cancer, mental disorders, chronic pain, and others is expected to propel revenue growth in Canada, the U.S. and Europe.
Wuhan General Group (China), Inc.
Publicly traded company (OTC Pink:WUHN)
Website: www.wuhn.org
