Commerce-based ManifestSeven, formerly known as MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, has agreed to merge with a unit of P&P Ventures Inc.
This is a precursor step for ManifestSeven to becoming a publicly traded company.
Vancouver, Canada-based P&P Ventures, which had traded on the Toronto Venture Exchange, plans to change its name to ManifestSeven Holdings Inc. and move to the Canadian Stock Exchange and begin trading under the proposed symbol of MSVN.
The two firms announced on April 10 that they received shareholder approval to merge. The proposed transaction is anticipated to close on or before June 30.
“We are pleased to embark on this important new stage in M7’s growth,” said Sturges Karban, ManifestSeven’s chief executive officer, in a statement. “As M7 continues to build out a fully-compliant cannabis infrastructure across California, this transaction will enable the company to aggressively execute our long-term growth strategy and create value for all of our shareholders.”
Haywood Securities Inc., a leading Canadian independent investment bank, assisted in MJIC’s recent $15 million private placement announced in March and will continue as a financial advisor in connection with the merger and M7’s capital raising activities after its initial listing.
The common shares of P&P Ventures were halted effective March 28.
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329.