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- Wellness products maker Sibannac (OTCPK:SNNC) Wednesday said it signed a heads-of-terms agreement with AllStar Health Brands (OTCPK:ALST) to expand into the Canadian cannabis retail market.
- Under deal terms, the parties would pursue the acquisition of up to five retail cannabis franchise units throughout Ontario, Canada, in the first year.
- AllStar has an ongoing joint venture with Tyme Cannabis, which holds a license from the Alcohol and Gaming Commission of Ontario that would be used to carry out Sibannac's planned expansion.
- Additionally, Sibannac said it intends to expand its retail offerings in kratom products to Canada, which does not require any licensing, via its newly acquired Immersive Brands unit.
- Source: Press Release