Stillcanna's Share Holders Vote 97.5% in Favour of Acquiring the Sativa Group PLC of the United Kingdom

Rhea-AI Summary

VANCOUVER, BC / ACCESSWIRE / Stillcanna Inc. (OTC PINK:SCNNF) announces that shareholders voted 97.5% in favor of acquiring the UK's Sativa Group PLC during a meeting on August 27, 2020. With 37,222,254 shares represented, the acquisition awaits final regulatory approvals for trading resumption under "The Sativa Group" in Canada, the USA, and Frankfurt. The merger aims to consolidate supply chain control from seed to consumer, optimizing quality and cost in cannabis production.

Positive

• 97.5% shareholder approval for acquisition indicates strong support.
• Strategic acquisition enhances control over cannabis supply chain, potentially improving operational efficiency and product quality.
• Plans to trade under "The Sativa Group" can enhance visibility and market presence.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / August 31, 2020 / Stillcanna Inc. (OTC PINK:SCNNF) (CSE:STIL) (FRANKFURT:A2PEWA) ("STIL" or the "Company"), is pleased to announce that in a meeting of the shareholders held on August 27, 2020 in Vancouver Canada, Stillcanna shareholders voted overwhelmingly in favour of the proposed acquisition of the Sativa Group PLC of the UK.

37,222,254 shares were represented at the meeting in person or by proxy and of such shares 97.5% voted in approval of the proposed resolutions.

Following the receipt of final regulatory approvals, the Company will resume trading under "The Sativa Group" in Canada (CSE), the USA (OTC) and Frankfurt (FSE). The Company intends to list in the UK on the AQSE. Trading is expected to resume shortly.

In a joint statement from Jason Dussault CEO of Stillcanna and Henry Lee Buckley CEO of the Sativa group explained, "This merger solidifies the combined Company's position as a leader across the entire supply chain, from seed to consumer many companies claim to control the supply chain, and as of closing we own it."

The Sativa Group, in owning all aspects of the Cannabis process including cultivation, extraction, testing, formulation and packaging will be in a unique position to be able to produce and supply the highest quality products with the lowest possible costs.

About Sativa Group PLC

The Sativa Group PLC joined the UK's NEX market in March 2018 as the UK's first medicinal cannabis investment vehicle.

The business evolved to focus on the development of an operational business capitalizing on its first-mover advantage. This change transitioned the Company from an investment Company to an operating Company at the forefront of both the CBD wellness and medicinal cannabis sectors in the UK.

About Stillcanna Inc.

Stillcanna Inc. (CSE: STIL) www.stillcanna.com is a Canadian early-stage life sciences Company focused on the large scale manufacturing of CBD in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company recently completed the acquisition of Olimax NT SP. Z .O.O, a multi-generational hemp agricultural firm that is expected to increase the Company's market share in the European CBD industry.

On Behalf of the Board

Jason Dussault, CEO

CONTACT:

inquiries@stillcanna.com

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Stillcanna's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".

The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the fact that the company now owns the supply chain, various unforeseen events could make this statement no longer valid. Although Stillcanna believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.

In particular, there is no guarantee that that the merger solidifies both companies position as a leader across the entire supply chain, and that they are in a unique position to produce and supply the highest quality products with the lowest possible costs. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Stillcanna does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

SOURCE: Stillcanna Inc.

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FAQ

What was the outcome of Stillcanna's shareholder meeting on August 27, 2020?

Shareholders voted 97.5% in favor of the acquisition of Sativa Group PLC.

How many shares were represented at Stillcanna's shareholder meeting?

A total of 37,222,254 shares were represented in person or by proxy.

When will Stillcanna resume trading after the acquisition?

Trading is expected to resume shortly after final regulatory approvals are received.

What is the significance of the acquisition for Stillcanna and Sativa Group?

The merger positions the combined company to control the entire cannabis supply chain, enhancing potential for quality production and cost efficiency.

What are the expected trading platforms for the newly merged company?

The company will trade under "The Sativa Group" in Canada, the USA, and Frankfurt, with plans to list in the UK.