Liberty Health Sciences Expands National Footprint with Controlling Interest in Massachusetts-based Cultivation and …
Liberty agrees to acquire 75% ownership of William Noyes Webster Foundation Inc.
TORONTO, March 27, 2018 /PRNewswire/ – Liberty Health Sciences Inc. (CSE: LHS or US OTCQX: LHSIF) (the “Company” or “Liberty“) is pleased to announce it has agreed to acquire a 75% ownership interest (the “Transaction“) in Massachusetts-based William Noyes Webster Foundation, Inc., (“WNWF” or “the Foundation“) for US$16 million, pursuant to a binding term sheet. WNWF owns an integrated medical cannabis license in the Commonwealth of Massachusetts and has a cultivation facility and a dispensary location both nearing completion, as well as leases and local governmental approvals in place for two additional dispensary locations. This acquisition affords Liberty the opportunity to tap into the growing Massachusetts medical cannabis marketplace which currently has only seventeen licensees (and only 22 dispensaries) serving 47,424 patients and a total population of nearly seven million people that does not include the large population centers in neighboring states that are easily accessible via public transportation. The closing of this Transaction is subject to the receipt of all required governmental approvals from the State of Massachusetts, Medical Use of Marijuana Program or the Massachusetts Cannabis Control Commission, if any.
The Foundation’s vertically integrated medical cannabis license, granted by the Massachusetts Department of Public Health, will allow Liberty to cultivate, process and dispense medical cannabis all under one license. Pending application approval by the Massachusetts Department of Public Health, the Transaction will also provide Liberty with two additional integrated medical cannabis licenses. Medical cannabis license holders such as WNWF in Massachusetts will be given priority over non-license holders to acquire state recreational cannabis licenses on April 1, 2018 via conversion applications that WNWF will file with the newly formed Cannabis Control Commission. License holders will be eligible to receive three recreational