Kaneh Bosm Biotechnology Provides Corporate Update


NOT FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Kaneh Bosm BioTechnolgy Inc. (CSE:KBB) (“Kaneh Bosm” or the “Company”) is pleased to announce that it has closed the definitive agreement (the “Agreement”) with Marathon Global Inc. (“Marathon”) as previously announced on June 26, 2018 to acquire the remaining 50% of the issued and outstanding share capital of Marathon (the “Marathon Transaction”).

The Company has issued 15,000,000 common shares (“Shares”) to certain shareholders of Marathon in exchange for the remaining 8,500,000 Shares of Marathon.

The Company has also paid a finder’s fee of 1,200,000 Shares to an arm’s length party in connection with the Marathon Transaction.

Marathon has an exclusive agreement with Cosmos Holdings Inc. (“Cosmos”), a European based pharmaceutical distributor, to procure and distribute medical cannabis products and all cannabis derivatives for clients of Cosmos in approved countries within its distribution network of 110 clients, representing approximately 35,000 pharmacies in 16 countries.

This relationship brings an unparalleled ability to supply the overwhelming demand for cannabis and cannabis extracts in Europe as Cosmos brings generations worth of experience and relationships to Kaneh Bosm.

The Company also announces that it has closed the transaction with Canna Colombia Holdings Inc. to acquire 100% of its issued and outstanding share capital, as previously announced on June 21, 2018 (the “Canna Colombia Transaction”).

Pursuant to the terms of the Canna Colombia Transaction, the Company has issued 30,000,000 Shares and it has paid $2.0 million USD.

The Company has paid a finder’s fee of 2,400,000 Shares to an arm’s length party in connection with the Canna Colombia Transaction.

Canna Colombia, through its wholly-owned Colombian subsidiary, Cannabis Medical Group SAS, holds licences to cultivate, produce, hold, sell and export cannabis and its by-products.

All securities issued pursuant to the Marathon Transaction and securities issued as finder’s fees will have a hold period expiring on December 29, 2018.

The Company also announces the appointment of Mr. Brendan Purdy to its board of directors and Mr. Eugene Beukman has been appointed as the Company’s Chief Executive Officer (“CEO”).

Brendan Purdy is a practicing securities lawyer focused on technology, cannabis, and resource issuers. In his private practice, he has developed domestic and international experience with respect to public companies, reverse takeovers, mergers and acquisitions (M&A) and many facets fundamental to the Canadian capital markets. Prior to receiving his J.D. from the common-law section at the University of Ottawa, Mr. Purdy completed a bachelor of management and organizational studies degree from the University of Western Ontario, majoring in finance and administration. Mr. Purdy serves as a director of a number of CSR and TSX Venture listed companies.

The appointment follows the resignations of Mr. Rudy de Jonge as the Company’s CEO and as a director effective immediately. Kaneh Bosm would like to thank Rudy for his many years of service to the Company and wishes him well with his future endeavours.

On behalf of the Board of Directors of Kaneh Bosm Biotechnology Inc.

“Michael Martinz”

Michael Martinz
President, Director
604-687-2038
mmartinz@kanehbosmbiotech.com

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com