On May 19, 2020, CordovaCann Corp., a cannabis-focused consumer products company, announced that its wholly-owned subsidiary, Cordova Investments Canada, Inc., completed the purchase of its initial stake of 2734158 Ontario Inc. (“273”), an arm’s length Ontario-based cannabis retail venture. The transaction enables 273 to quickly open four recreational cannabis stores in Ontario under the Star Buds brand and gives CordovaCann the right to apply to open a total of 75 stores in Ontario over time. Cordova has agreed to invest a total of $723,000 in 273 in exchange for a 50.1% stake.
Cassels acted for CordovaCann with a deal team that included Andrew Reback (Tax) and Jay King, Luke Woolford, Jonathan Sherman and Tiffany Chiu (Business and Cannabis).