- Global Cannabis Applications (OTCPK:FUAPF) signs a Letter Of Intent to acquire 33% of a South African Cell Captive (NYSE:CC) insurance firm focused on cannabis growing operations in southern Africa from Blue Anchor Risk Solutions (NYSEARCA:BAR).
- FUAPF will grant BAR exclusive sub-license rights for Efixii software in South Africa, Lesotho and Zimbabwe, and BAR will pay FUAPF royalty fees based on the usage.
- The CC firm will be valued at $600K such that FUAPF will purchase 33% of CC by granting 4M new shares to BAR at a deemed price of $0.05/share.
- The 4M shares will be used by CC as collateral for its insurance book.
- The LOI is expected to become a definitive agreement no later than Feb. 15.