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DrazCanna, Inc. (OTCBB:SIBED) has signed a Letter of Intent for a reverse merger with a Michigan corporation, DrazCanna. The merger aims to integrate DrazCanna's innovative Nutrient Optimizer Algorithm for cannabis cultivation into SIBED's operations. Shareholders are set to vote on this agreement at a special meeting on May 6, 2022. Post-merger, existing SIBED shareholders will receive 90,000,000 new shares, representing 90.39% of the company. This strategy aims to revitalize SIBED, which has been dormant since 2016, and enhance its position in the cannabis bio-pharmaceutical supply chain.
DrazCanna, Inc. has made its debut as a U.S. public company in the cannabis industry, coinciding with a unanimous Senate approval of the Marijuana Reform Bill and a scheduled House vote. The company underwent a 1 for 24 reverse stock split and a name change from Sibling Group Holdings, Inc. to improve its market position. The leadership views recent legislation as a positive step towards alleviating regulatory hurdles in cannabis research and development, paving the way for potential growth in bio-pharmaceutical applications.
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