Vancouver, British Columbia – TheNewswire - July 13, 2022 - Gaia Grow Corp. (CSE:GAIA) (CNSX:GAIA .CN) (the “Company” or “Gaia”) is preparing to shift focus exclusively to assets with the potential to generate revenue in the near term. The hemp market has been slow to develop, with commercial feasibility and market conditions rapidly changing. Gaia’s management has decided to shift focus and resources to its wholly-owned extraction and retail assets that have been developing well and are now cash flowing.
Management has terminated all hemp operations and has returned ownership of Canna Stream Solutions Ltd. (“CSS”) to its original owners. In connection with the return of CSS, the Company has arranged for the cancellation of a total of 12,500,000 common shares originally issued by Gaia in consideration for CSS. The Company has also agreed to lease certain operating equipment to CSS for its short-term use following the return of ownership.
The Company also announces that its board of directors has approved the completion of a share consolidation, on a one-new-for-twenty-five-old basis. Upon completion of the consolidation, the Company will have approximately 13,676,640 common shares outstanding. The Company will continue to trade after the consolidation under the existing name "Gaia Grow Corp.” and ticker symbol. Completion of the consolidation remains subject to the approval of the Canadian Securities Exchange, and the Company will issue a further news release once an effective date for the consolidation has been confirmed.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect", “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could", "might", “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the hemp industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.
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