YOOMA WELLNESS INC. ANNOUNCES SALE OF VITALITY CBD
Toronto, Ontario, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Yooma Wellness Inc. (CSE: YOOM, AQSE: YOOM) ("Yooma" or the "Company") today announced that its wholly-owned subsidiary Yooma Europe Limited (“Yooma Europe”) has completed the sale of Birmingham-based Vitality CBD Limited (“Vitality”), a UK-focused CBD company, for a total consideration of US$2.0 million (the “Disposal”) to Psilobrain Therapeutics Inc. (“Psilobrain”).
- Toronto, Ontario, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Yooma Wellness Inc. (CSE: YOOM, AQSE: YOOM) ("Yooma" or the "Company") today announced that its wholly-owned subsidiary Yooma Europe Limited (“Yooma Europe”) has completed the sale of Birmingham-based Vitality CBD Limited (“Vitality”), a UK-focused CBD company, for a total consideration of US$2.0 million (the “Disposal”) to Psilobrain Therapeutics Inc. (“Psilobrain”).
- Psilobrain is a private Canadian biotech company that uses the latest in psychedelic medicine to design products that facilitate evidence-based healing & wellness.
- The consideration payable by Psilobrain comprises US$1.0 million in cash (the “Cash Consideration”), and US$1.0 million in new shares of Psilobrain (the “Consideration Shares”).
- The consideration payable by Psilobrain is subject to customary adjustments, Vitality having been sold on a debt-free, cash-free basis.