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Lotus Ventures Inc. (CSE: J) has closed a previously announced transaction with 5008679 Ontario , as part of its proposal to creditors. The company has issued 1,000 common shares to the purchaser for a total of $2,538,398.00. All previously issued securities have been cancelled without consideration. The purchaser is now the sole securityholder of Lotus. The company is expected to be delisted from the CSE on August 20, 2024, and concurrently from OTC Markets. Lotus plans to seek revocation of the failure-to-file cease trade order issued on April 4, 2024, and to cease being a reporting issuer in Alberta, British Columbia, and Ontario.
Lotus Ventures Inc. (CSE: J) has provided an update on its previously announced transaction. The company obtained a partial revocation order from the British Columbia Securities Commission on July 29, 2024, allowing for the completion of the transaction despite an ongoing cease trade order. Lotus also secured a reverse-vesting order from the Supreme Court of British Columbia on June 14, 2024.
The transaction, which includes a proposal to creditors and a subscription agreement with 5008679 Ontario , is expected to close in July or August 2024. However, it remains subject to closing conditions. Further information about the proposal and agreement can be accessed through the website hosted by MNP , the proposal trustee for Lotus.
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Lotus Ventures Inc. (CSE:J) (OTC PINK:LTTSF) announces the launch of its premium-craft cannabis product, Keylime Kush, for Ontario retailers via the province's Flow Through program. This hybrid strain, with a THC content of 34.3% and 2.6% terpene content, combines Key Lime Mints and Kush Mints #11. The strain is characterized by its unique flavor profile, featuring notes of lime kush, green apple, cookies, and gas. Retailers can place orders through the Ontario Cannabis Store Wholesale portal. This launch marks a significant milestone for Lotus, further expanding its presence in Ontario, Canada's largest legal cannabis market, following the successful introduction of other cultivars like Kalifornia and Tranquil Elephantizer. For more details, visit their official website or associated channels.
Lotus Ventures Inc. (OTC PINK:LTTSF) announced that its Tranquil Elephantizer flower was used in a historic export sale to Jamaica. This shipment, completed by Pistol and Paris on February 13, involved 20 kilograms of BC-grown cannabis, marking a significant milestone as the cultivar is not currently available in Jamaica. Pistol and Paris also sells other products like Black Blossom and Lemon Tini, cultivated by Lotus, across retail locations in British Columbia and Alberta. Lotus Ventures continues to expand its market presence, having sold its cannabis in multiple provinces, including Ontario.
Lotus Ventures Inc. (OTC:LTTSF) has reported promising initial sales of its Keylime Kush flower and pre-rolls in British Columbia. Since the launch, the product is now available in over 125 retail stores, quickly selling out of initial stock and prompting multiple reorders from the BCLDB. The pre-rolls' initial order was three times higher than expected, and a 14-gram flower SKU is set to launch soon. Keylime Kush has shown impressive THC content, reaching up to 32.5%. Additionally, the product is set to debut in Ontario with shipments anticipated in April 2023.