Tidal Royalty Corp (CSE:RLTY), financier to the growing cannabis industry, announced Tuesday that Brian Penny has stepped down as a company director.
Penny is a chartered professional accountant and intends to concentrate on his other business interests. His resignation is effective immediately, the company said in a statement.
"Brian has been a tremendous contributor to our board as we negotiated and ultimately executed our business combination agreement with MichiCann Medical Inc (operating as Red White & Bloom),” said Tidal Royalty Corp interim CEO Brendan Purdy. “We wish him all the best as he moves on to his next commitment."
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Tidal Royalty recently signed a definitive agreement to merge with private cannabis firm MichiCann Medical Inc, which operates as Red White & Bloom, with an aim to create a major US multi-state operator.
Under the agreement, all of the issued and outstanding common shares of MichiCann will be exchanged on the basis of 2.08 common shares of Tidal for each one MichiCann common share, subject to adjustment as set out in the definitive agreement.
After the transaction is completed, existing MichiCann and Tidal shareholders will own approximately 80% and 20% of the resulting company, respectively, on a fully diluted basis.
Separately, the company said Tuesday that its listing with reference to its planned merger with MichiCann Medical is currently under review by the Canadian Securities Exchange.
Contact Uttara Choudhury at [email protected]