SōRSE Technology Corp. Sells THC Essentials for Over US$1M

On June 30, 2023, SōRSE Technology Corp. (“SōRSE”) completed its sale of THC Essentials to Nevis Brands Inc. (“Nevis”) (OTC: PSCBF; FSE: 6PB-FF; CSE: NEVI;).

The acquisition of THC Essentials closed with SōRSE being paid US$625,000 and issued 3,775,000 shares at a deemed price of $0.10 per share. The purchase price was US$1,125,000, of which US$625,000 was payable at the closing date, and the balance of $500,000 payable 12 months from the closing date.

SōRSE is a Seattle-based food tech start-up that uses a water-soluble emulsion technology to blend cannabinoids seamlessly into beverages, foods, and topicals. SōRSE is the leading CBD, hemp, and terpene emulsion supplier for CPGs and other food, beverage, and topical manufacturers.

Nevis innovates and develops cannabis products that have been consumed by millions of consumers across multiple markets in the United States. Led by its flagship brand Major™, Nevis partners with leading cannabis product manufacturers and distributors to enhance their product offerings.

McMillan acted as Canadian counsel for SōRSE in connection with this cross-border matter. The team was expertly led by James Munro with support from Iain Tape, who’s corporate and industry-sector expertise secured a favourable outcome for our client.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada and within multifaceted regulatory regimes, McMillan provides real-time business solutions to our clients. Our Capital Markets & Securities and Mergers & Acquisitions Groups are skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovative transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.