After recently acquiring the virtual reality company, Weed VR, the Canadian marijuana producer Biome Grow Inc. or Cultivator Catalyst Corp. (CCC) is planning an IPO with a tech company.
On April 25, Cultivator Catalyst Corp. agreed to go public with the Vancouver-based Orca Touchscreen Technologies Ltd. (CSE:OAA) (FRANKFURT:6OT) (OTC-Pink:ORTFF) (the “Company”).
Part of the agreement is that Orca’s wholly-owned subsidiary, 1151856 B.C. Ltd., to acquire all of CCC’s issued and outstanding securities through a three-cornered amalgamation transaction.
Unlike its competitors, CCC says it is preparing for the full-fledged legal Canadian recreational marijuana industry by planning to integrate technology and services to focus on the local markets.
The cultivator and the Company, however, have only announced their intention of a future IPO, and they didn’t specify the date nor the nature of the product they will produce.
In late 2017, the two companies signed a Letter of Intent to consolidate. The agreement at the time was subject to changes pertaining to shareholder and regulatory approvals including the approval of the Canadian Securities Exchange (the “CSE”).
Orca Touchscreen Technologies Ltd.
Orca sells and distributes capacitive touchscreens moulds for smartphones, tablets, laptops, digital audio players, GPS navigation systems, automobile controls, exercise equipment, educational and public information kiosk.
Cultivator Catalyst Corp’s subsidiaries
CCC owns a Nova Scotia-based Highland Grow Inc., which is the company’s first Licensed Producer (LP) under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR).
ACMPR is a set of federal regulations – enacted in 2013 – that oversees the production, distribution, and use of medical marijuana.
CCC also owns the Newfoundland and Labrador-based Back Home Medical Cannabis Corporation, but the subsidiary is in the late stages of applying for an ACMPR license.
Rebranding third subsidiary
In Ontario, CCC is in the process of finalizing its third subsidiary – yet to be rebranded. It is also in the late stages of getting a license.
The reasons behind the cultivator branching out in its subsidiaries is to create a mix of low cost licensed cannabis production facilities across Canada and other jurisdictions in the coming years especially as some analysts expected marijuana demand to increase.
CCC is expected to expand even more, as it said that its additional facilities will be achieved through a mixture of acquisitions and organic growth.
Deal with Weed VR
On Tuesday, CCC announced an agreement to acquire Weed Virtual Retail Inc. (“Weed VR”), a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets.
“Biome is focused on offering a diversified portfolio of services for our customers and the communities we are integrated into. Adding Weed VR to our holdings allows us to integrate new technology into those services and increase consumer accessibility across Canada, and international markets, through virtual, augmented, and mobile platforms,” said Khurram Malik, President of Biome.
World’s first strain library
Weed VR’s proprietary digital 3D scanning process will create the world’s first comprehensive strain library, working toward containing examples of strains worldwide and new strains as they are developed.
The platform will then pair this information with scientific lab data and user reviews, providing consumers with comprehensive product knowledge and enabling educated purchase decisions without ever having to physically visit a traditional dispensary setting.
Fezz Stenton, Technical Director of Occupied VR and Weed VR creator, said:
“This is really just the beginning of a new virtual retail market.”
Biome will launch the Weed VR beta with an eye towards educating and empowering consumers with a more natural way to make informed cannabis related purchases, while Weed VR continues product and platform innovation within the retail commerce space to focus on emerging technology.
VISIT WEBSITE: http://biomegrow.com