Cannabis company Creso Pharma Limited (ASX: CPH) (OTC:COPHF) (FRA:1X8) is entering the US CBD market, following a purchase agreement to acquire Colorado-based consumer packaged goods company, Sierra Sage Herbs, LLC.
Under the agreement and subject to shareholder approval, Creso Pharma, via its wholly-owned subsidiary, Creso Pharma US, Inc, will purchase a 100% interest in SSH for a total upfront consideration of $21 million, payable by the issue of fully paid ordinary shares, based on the 10-day volume-weighted average price at the date of execution of the agreement, being $0.083, and the AUD/USD exchange rate as at the date of closing.
