Agra Ventures To Acquire Cannabis-Focused Tech Platform Twenty One, Reports Strong Revenue
8:09 am ET February 10, 2022 (Benzinga) Print
Agra Ventures Ltd. (CSE:AGRA) (Frankfurt:PU31) (OTCPK:AGFAF) announced it has recorded over $318,000 in revenue with an additional $173,000 under signed contract from the sale of dried cannabis flower on a wholesale basis over the two-month period from December 7, 2021 to February 8, 2022.
The record result for Agra is the aggregate of over 175 kilograms of cannabis contracted under four separate transactions, including under the previously announced offtake agreement as well as independent of that agreement, for an average price of in excess of $2.75 per gram.
Twenty One Acquisition
The company also revealed that it has entered into a definitive share purchase agreement with Twenty One Investment Holdings, Inc., a privately held Delaware company, and all shareholders of Twenty One to acquire up to 34% of the issued and outstanding common shares of Twenty One. Twenty One is the owner of a technology platform supporting retailers and their customers with in-store and online cannabis buying experiences in the United States.
The closing of the acquisition took place on Feb. 8, 2022 as Agra purchased 500,000 newly issued common shares of Twenty One directly from Twenty One and 500,000 common shares of Twenty One from the selling shareholders. As a result of the initial closing, Agra holds 15.38% of the common shares of Twenty One.
Pursuant to the purchase agreement, within six months of the initial closing, Agra will purchase additional common shares of Twenty One for the purchase price for an aggregate investment of at least $1,000,000 and up to $1,500,000 at a price of $1.00 per Twenty One share.
"The last two months have exciting for Agra as a record amount of revenue was recorded based on growing high quality cannabis and selling it on a wholesale basis, consistent with our refocused competitive strategy," Elise Coppens, CEO of Agra stated. "I am grateful to our talented and dedicated staff at the Boundary Bay greenhouse for growing such desirable crops and to our external partners for doing a great job to get the batches to the industry,”
