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by Stockwatch Business Reporter
The TSX Venture Exchange climbed 18.14 points to 898.58 Monday. Timothy McCunn's Percy Street Capital Corp. (PSC) plans to acquire Peter Abboud's Livewell Foods Canada Inc. as a qualifying transaction. Percy Street will issue shares to the holders of Livewell Foods, in an amount that values Percy Street at $1.66-million and Livewell at $50-million. Livewell has four subsidiaries: Artiva Inc., Livewell Foods Quebec Inc., O-Hemp Inc., and Delisse Fine Cuisine Inc., each of which has its own business.
Artiva is farming on 100 acres of land near the Ottawa airport. There, the company sold $2.1-million worth of beans, peppers, tomatoes, eggplants and zucchinis in 2017. This past fall the company also acquired 20 acres of adjacent greenhouses, where Artiva hopes to start growing medical marijuana. It has applied for a licence through joint venture partner Canopy Growth Corp. (WEED: $37.83). Canopy will provide strategic advice, in exchange for 20 per cent of Artiva, plus an option to purchase 20 per cent of Artiva's annual marijuana production. Artiva has also arranged to sell 20 per cent of its future production to medical marijuana streamer Cannabis Wheaton Income Corp. (CBW: $2.18). Cannabis Wheaton has arranged to pay $54-million upfront. It will receive access and influence over 33 per cent of Artiva's cultivation yield.
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