First Colombia Development Corp. Announces Completion of Good Meds Acquisition, Moving Company Into Further Growth, Revenue Generation
SAUSALITO, Calif., August 7, 2019 (Newswire.com) - First Colombia Development Corp. (“First Colombia” or the “Company”) (OTC: FCOL) today announced the completion of its previously announced acquisition of the cannabis brands and other assets of Critical Mass Industries LLC DBA Good Meds ("Good Meds") and General Extract LLC DBA General Extract (“General Extract”), for a total purchase price of approximately US $2 million and 13,553,233 shares of common stock. Under the terms of the agreement, Critical Mass will continue to operate the cannabis business related to the brands under license from the Company, paying royalties and related fees until Colorado law permits public ownership of cannabis licenses.
Good Meds was founded in Denver, Colorado in 2009 by John Knapp, an industrial engineer by training, and has developed an industry-leading reputation for high-quality, medicinal-grade cannabis products. Good Meds, which holds nine cannabis licenses, has been a leader and contributor in the creation of the current laws and codes in Colorado, with a keen focus on compliance and transparency with law enforcement, state regulators and financial partners. The pioneering company in the fully regulated Colorado cannabis marketplace has proudly earned a reputation in the cannabis industry as a first-class operator and producer of first-class products.
First Colombia CEO and president Chris Hansen stated: “For First Colombia and our investors, the value of these acquisitions—both in terms of the goodwill surrounding Good Meds brands and the extensive expertise and world-class knowledge of the Good Meds teams—is self-evident, allowing us to move from the initial founding stages of corporate development into becoming a revenue-generating U.S. cannabis industry operator. At the same time, we continue to look toward future expansion, conducting ongoing due diligence with regard to the best next steps in expanding the existing Good Meds market that will allow us to provide these highest-quality medicinal cannabis products to more Americans who are utilizing cannabis to enhance their well-being.”
John Knapp, founder and CEO of Good Meds, spoke to the enthusiasm of his companies’ leadership teams and employees about the acquisition. "The entire Good Meds team looks forward to digging into collaborative work with the world-class group at First Colombia and drawing from the deep well of expertise they offer. We are especially excited about the prospects of expanding our ability to provide Good Meds, BOSM Labs and General Extracts brands to a larger segment of American medical and adult-use consumers, my vision since founding Good Meds 10 years ago. Entering into this partnership with First Colombia is the culmination of a decade of focused, diligent effort, and we are excited about the near-term broader horizon for our brands and product portfolio."
This press release is not an offer of securities or a solicitation for purchase, subscription or sale of securities in the United States of America or in any other jurisdiction in which it would be unlawful to do so.
About Good Meds
Critical Mass Industries LLC DBA Good Meds was built on the philosophy of creating first-class cannabis products efficiently, creatively and in compliance with the legal standards evolving in the North American market. With over 65 employees and a leadership team with decades of combined experience operating in a highly evolving and regulated environment, Good Meds has two retail locations just outside of Denver in the Lakewood and Englewood markets, which carry Good Meds medical cannabis products including marijuana flower, edibles, concentrates, tinctures, topical salves, joints and vaporizer cartridges. All of the Good Meds concentrates and many infused products are made with Good Meds strains cultivated and processed in its state-of-the-art, 90,000-SF cultivation facility in Denver, growing over 100 premium flower varieties. The facility also houses a state-of-the-art extraction lab that utilizes a variety of extraction methods. For more information on the company, please visit www.GoodMeds.com
About Good Meds Brand BOSM Labs
BOSM Labs, a medical and recreational cannabis extract brand based in Denver, Colorado, began as a passion for high-quality cannabis concentrates and a desire to be on the cutting edge of cannabis technology. While BOSM Labs has perfected several processing methods, its initial objective was to perfect one genre of concentrate extraction, hydrocarbon. Rich in terpenes, the result is a concentrate that can capture the essence of the cannabis plant unlike any other while producing a multi-sensory explosion that washes over the user every time. BOSM Labs cultivates and sells its own source material, as well as offers toll processing services for clients across the state. The name BOSM is derived from the Old Testament word for cannabis, kaneh-bosm, as a Polish etymologist from the Institute of Anthropological Sciences in Warsaw demonstrated, the root kan meaning “hemp” and bosm meaning “aromatic.” For more information on the company, please visit www.BOSMLabs.com.
About General Extract
General Extract was founded in 2015 as an importer, distributor, broker and post-processor of hemp and hemp derivatives. Working in value-add areas of the supply chain, General Extract operates a hemp-derivative refinement and distribution center in Denver, Colorado. As an intermediary in the global supply of cannabis products, General Extract is closely aligned with both the upstream and downstream cannabis industry leaders. For more information, please email GeneralExtractCo@gmail.com.
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Source: First Colombia Development Corp.