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CannTx Provides Update on Proposed Qualifying Transaction

PUSLINCH, Ontario, January 25, 2019 - CannTx Life Sciences Inc. (the “Company” or “CannTx”) announces that, by way of an amending agreement, it has revised the terms of its binding letter of intent to allow for additional time to complete a reverse takeover transaction (the “Transaction”) of Smartset Services Inc (“Smartset”). The Transaction was previously announced on December 13, 2018 and, once complete, will constitute the Company’s “Qualifying Transaction”, as such term is defined by Policy 2.4 – Capital Pool Companies, pursuant to the policies of the TSX Venture Exchange.

The Company has assessed current market conditions for public companies operating within the cannabis space, as well as those contemplating public transactions. CannTx has concluded that the extended timeline is in the best interest of shareholders and will place the Company in a stronger position to target the closing of a go public transaction in early Fall 2019.

Click to review the corresponding press release from Smartset its entirety: 
Smartset Services Provides Update on Proposed Qualifying Transaction with CannTx Life Sciences Inc. 

Over the coming months, CannTx will continue delivering on its business objectives, expanding donor stock to continue populating its remaining grow rooms, supplying its commercial-scale micropropagation lab with inputs, and launching its business to business, recreational and medicinal brands. Additional information will be available via the Company website shortly. 

For further information, please contact:

Jennifer Charlebois, Communications Manager

Email: jen.charlebois@canntx.com

 

About CannTx Life Sciences Inc.

Founded in 2013, CannTx is a privately-owned CTLS-licensed Cannabis company, located in the heart of Canadian agricultural innovation. CannTx is focused on producing premium floral product for the medicinal and recreational markets, and is uniquely equipped to become a commercial scale producer of micropropagated inputs for sale to licensed producers, as well as for use in its own state-of-the-art indoor facility. The CannTx solution involves harnessing biotechnology (specifically micropropagation and vertical farming) for Cannabis cultivation, which results in improved consistency of product, enhanced safety, greater selection, better availability and the agility to respond to changing consumer preferences.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.  Forward-looking statements contained in this news release include, without limitation, statements regarding: the Company’s facility, expected capacity, production, business and operations. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.