Some more investment ties. Most are now familiar with the ties between Solid Bridge Investments and their ownership/investment in both Cannagistics and One World Pharma. They have 20% of the preferred shares here and 17% of the restricted shares there. They are currently being paid by Cannagistis to procure a processing and manufacturing facility in Europe. This is a supplier/supply chain relationship setting up.
Well, I just found another linked investor between One World Pharma and Recommerce Group. The Sanguine Group, which is actually one investor, took $500,000 in preferred shares of OWP and has also invested in Recommerce. The investment in Recommerce Group was contested through litigation in Dec of 2020 because Recommerce entering another contract.
The suit was filed in December and the announcement that Cannagistics was acquiring Recommerce came in January. Currently, there is a motion to dismiss that has been accepted with a pre-motion consult scheduled for April 8th.
What likely happened was that Recommerce was planning on merging into Cannagistics in 2019, which is when Sanguine took the shares in both companies. The investor was likely understanding that his stake in Recommerce would transfer into shares of a publically traded company.
With the motion to dismiss I would think the acquisition by Cannagistics, which was announced just a month and a half after the filing, remedies the dispute but again the suit says they have entered another contract which to me means financing.
Side note, I could find no other investments from either Solid Bridge or the Sanguine Group.
Taking this along with Zimbler's ownership in Recommerce I am thinking this acquisition has a very good chance of going through this time.
All just my opinion.
CNGT!!
