VANCOUVER, British Columbia / March 13, 2020 – Champignon Brands Inc. (“Champignon” or the “Company”) (CSE: SHRM) (FWB: 496), a wellness company specializing in medicinal mushroom and mushroom-infused products, continues to accelerate its vertical integration through the addition of craft mushroom production, manufacturing and research capabilities. The Company is pleased to announce it has entered into a definitive agreement (the “Agreement”) to acquire Artisan Growers Ltd. (“Artisan Growers”), a British Columbia based craft mushroom cultivator and supplier.
Artisan Growers operates a craft mushroom cultivation facility capable of producing an assortment of organic craft mushroom varietals including Lion’s Mane, Chaga, Reishi and Agaricus Blazei. Artisan Growers utilizes a variety of cultivation techniques and grow infrastructure to produce premium craft mushrooms.
Champignon plans to integrate Artisan Growers’ craft mushroom production capacity into its existing medicinal mushroom manufacturing, formulation and distribution infrastructure as the Company continues to control its supply chain directly to the end user.
Champignon has apportioned and allocated a dedicated laboratory area (the “Laboratory Area“) within the existing Artisan Growers facility for specific research and development (“R&D”) activities and fungi profile analysis, with the objective of:
Further investigating the integration of its mushroom extracts as an alternative medicine delivery system;
Formulating bioactive compounds extracted from plants/fungi;
Cultivating fungi varietals, which will include psilocybin, to be commenced as soon as the Company has determined the appropriate regulatory approvals have been received; and,
Isolating and synthesizing of certain plant/fungi extracts.
“With the acquisition of Artisan Growers, we continue to optimize our upstream, downstream and distribution capabilities, all the while securing valuable infrastructure to expedite our R&D pursuits,” stated Gareth Birdsall, Chief Executive Officer of Champignon Brands. “Over the coming quarters we will tactically execute on our stated business plan and look to also emerge as a best-in-class vertically integrated medicinal mushroom extract formulator, integrating alternative medicine, clinical research and vocational rehabilitation into the Company’s current product portfolio.”
Under the terms of the Agreement, Champignon will acquire 100 percent of the issued and outstanding shares of Artisan Growers for total consideration of 8 million common shares in the capital of the Company (the “Consideration Shares”). The Consideration Shares will be issued at an attributed price equal to a five-day volume-weighted average price at the time of issuance. A finder’s fee is applicable to this transaction.
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