Renowned oil company Lexaria is now making an entry into the medical marijuana sector
ForexMinute.com – Lexaria Corp. (OTCQB: LXRP) (CNS: LXX) has today announced that it will go into joint-venture with Enertopia Corp. (OTCQB: ENRT) (CNSX: TOP), exhibiting its possibility entry into the medical marijuana business. The company’s board of directors has given this deal a further push, upon the agreement from their counterparts at Enertopia Corp.
The deal has signed over 1 million restricted common shares, to be paid by Lexaria Corp. to Enertopia for their participation. Lexaria has further agreed on giving 500,000 restricted common shares to the CEO and Chair of Enertopia Corp. Mr. Robert McAllister. Proceeding with this deal will fully dilute a total of 21,256,452 shares from Lexaria’s vault, while the remaining issued and outstanding shares will be 18,431,452.
Mr. McAllister has fully agreed on the venture and has agreed to join the Advisory Board of Lexaria Corp, in the direction of evaluating and negotiating marijuana acquisitions and joint ventures. Lexaria’s President Chris Bunka has shown his contentedness with the deal, and is expecting large profits as the medical marijuana industry is growing fruitfully in North America.
“The regulated marijuana industry is attracting large capital flows as investors throughout North America are recognizing this rare opportunity to participate financially in the early days of a brand new industry sector,” says he. “Although Lexaria has devoted its history exclusively to the oil & gas industry, we have an obligation to shareholders to concentrate on increasing shareholder value, and we believe there is no greater opportunity to achieve this today other than through participation within the regulated marijuana sector.”
As per the agreement between Lexaria and Enertopia Corp., the former cannot participate in the latter’s aforementioned medical marijuana operations; the former can only utilize the brand value of the latter to enter into new agreements that are suitable to both the parties.
To contact the reporter of the story: Jonathan Millet at email@example.com