One of the leading providers of private blockchain-oriented solutions, Graph Blockchain Inc., has announced that it has signed a Letter of Intent (LOI) to initiate the ‘proposed acquisition’ of Shroom Street Limited. The deal between the two parties has been settled for an aggregate purchase price of $1,000,000 CAD. The decided amount shall be payable through the issuance of common shares in the total capital of the firm for a deemed price of $0.05 per share.
According to the reports, the decision concerning the ‘proposed acquisition’ came as a result of the formal review that was announced on September 18, 2019. The management team of the company and the board of directors rolled out a strategic review wherein they assessed competent strategies that had the potential to give a take the firm’s blockchain technology aspects to a new horizon. The review was to carve out solutions that could strengthen the value of the shareholders.
Shroom Street operates as a psychedelic-focused brand that is gearing up to create a psychedelic truffle e-commerce marketspace, psychedelic lifestyle brand, along with a media company that takes into account the recent developments in the field of psychedelic science, activism, and investment.
Jeffrey Stevens, the Interim CEO of Graph Blockchain stated that the integration of the blockchain firm with Shroom Street’s online marketplace is likely to infuse high levels of integrity and security of transactions conducted on the e-commerce platform. He opined to earn lucrative returns from the Cannabis business and shared his overwhelmingness, stating that,
“The growth of the Cannabis industry has been staggering and the investors who were early enough profited greatly. Investing in medicinal mushrooms in 2019 is looking to generate returns like those experienced in Cannabis 6-7 years ago, and we are excited to be a part of it.”
Graph Blockchain’s acquisition of Shroom Street will allow it to take advantage of the latter’s connections with market leaders and suppliers of the psychedelic industry. Due to stringent regulations on the sale of these products, the acquisition is likely to facilitate the process of tracking these products in a big way. The excellence of the blockchain technology can help in real-time visibility, verification, and transparency of the supply chain ecosystem thereby safeguarding customers and entities from risk.
Shroom Street aspires to allow trading of its products in all legal jurisdictions and plans to launch its official website in early December.
The reports revealed that the closing date for the Proposed Acquisition is on or around December 31, 2019. The process will be subjected to the two companies entering into a definitive agreement, receival of regulatory approval, Shroom shareholder’s approval, and general compulsory closing parameters. A finder’s fee of 10% of the trading activity is payable on shares during closing.