MJ Harvest, Inc. ("MJHI") (OTCQB:MJHI) announced that it has entered into a definitive Agreement of Merger and Plan of Reorganization (the "Merger Agreement") to merge with and into Cannabis Sativa, Inc. ("CBDS" or "Cannabis Sativa").
The Merger Agreement was executed on August 8, 2022, and management expects the merger and reorganization to be completed in the fourth quarter of calendar year 2022, subject to certain conditions precedent including shareholder approval by both MJHI and CBDS shareholders.
The Merger Agreement provides for MJHI shareholders to receive 2.7 shares of CBDS common stock for each one share of MJHI common stock held immediately prior to the merger. Upon completion of the merger on the terms described in the Merger Agreement, it is anticipated that MJHI shareholders would own approximately 72% of the surviving company. The Merger Agreement contemplates that CBDS will be the surviving company in the merger and that following the merger, MJHI will cease to exist as a separate corporate entity.