TORONTO, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Sumtra Diversified Inc. ("Sumtra" or the "Company") (NEX:SDV.H) today announced that it has entered into a binding letter of intent to acquire a 100% interest in MJardin Group ("MJardin") in a business combination transaction (the "Transaction") that would constitute a reverse take-over and change of control of the Company. The final structure of the Transaction will be determined by Sumtra and MJardin to accommodate tax considerations, accounting treatments and applicable legal and regulatory requirements.
Upon completion of the Transaction, the combined entity will continue to carry on the business of MJardin. The closing of the Transaction is subject to the execution of definitive documentation, the completion of due diligence, and the receipt of all necessary regulatory, shareholder and third party consents and approvals. The Transaction is expected to close in or around April 2018.
About MJardin Group
MJardin is a highly specialized professional operating company that operates more licensed cultivation, processing and retail cannabis facilities than any other party in the sector throughout North America. MJardin provides turnkey cannabis cultivation, processing and distribution solutions including licensure support, facility design, systems implementation, facility ramp-up and the day-to-day operational management required in a large-scale, professionally managed cannabis facility. MJardin is headquartered in Denver, Colorado with an additional office in Toronto, Ontario. For more information, please visit MJardin.com