MMJPhytotech
Embark Health Inc. Completes Acquisition of Axiomm Technologies Ltd.
Toronto, Ontario — September 13, 2020 – Embark Health Inc. (“Embark” or the “Company“) is pleased to announce the closing of the previously announced acquisition of Axiomm Technologies Ltd. (“Axiomm“) effective September 11, 2020 (the “Acquisition”).
The Acquisition was completed by way of three-cornered amalgamation pursuant to which 2278991 Alberta Ltd., a wholly-owned subsidiary of Embark, amalgamated with Axiomm to form a newly amalgamated company (“Embark Nano”) which shall operate under the name “Embark Nano Inc.” as a wholly-owned subsidiary of the Company. Pursuant to the Acquisition, Embark has issued 2,152,257 common shares (“Embark Shares“) to the shareholders of Axiomm in exchange for all the issued and outstanding shares of Axiomm.
The Axiomm team will remain engaged with Embark Nano to continue the operations of Embark Nano in addition to taking on expanded roles within the Embark Health organization.
“We are thrilled to add Axiomm’s suite of proven technologies to Embark’s growing Canadian platform. The Axiomm portfolio of products and formulations support the mass production and distribution of 2.0 and 3.0 products including cannabis-infused beverages, topicals, edibles and water soluble powders.” said Dr. Luc C. Duchesne, Embark’s CEO. “Adding the Axiomm facilities and team to our platform further provides Embark the tools and expertise needed to bring competitive products to market and capitalize on this massive 2.0 market opportunity.”
“Axiomm’s staff is eager to launch its mature suite of products and commercial scale manufacturing capabilities under the Embark platform in the coming weeks.” said Curtis Leifso, Axiomm’s CEO. “Our existing portfolio will address the demand for compelling consumer products desired by the modern cannabis consumer. It will also provide B2B clients with robust inputs upon which to base their edibles, topicals and beverage product development. The Axiomm team is equally excited to further expand its R&D initiative at its Calgary facility to build upon the existing product portfolio.”
Embark Nano staff will operate a 4600 ft2 production facility in Calgary, Alberta where Embark Nano will produce cannabinoid-free formulations for its Tennessee joint venture as well as supply formulations for Embark’s Delta facility. Embark Nano will also continue its ongoing R&D program at its Calgary lab to meet emerging market demands. Embark will add cannabinoids to the formulations provided by Embark Nano to distribute finished infused products to its network of clients in Canada and abroad as well as service tolling and white label clients.
About Embark Nano
Embark Nano is a globally-recognized technology company whose team combines academic and industrial expertise in the development and commercialization of novel manufacturing and consumption methods. All technologies and products are designed with the health and wellness consumer in mind, and each increases the efficiency and speed with which the body absorbs vitamins, nutraceuticals and cannabinoids. Embark Nano’s suite of precursor technologies, µSHOT – a best-in-class aqueous emulsion; µMIX – an innovative water-compatible powder; and µCREAM – a premium quality infused topical cream – are all designed to provide a differentiated consumer experience.
About Embark
Embark Health Inc. is an emerging leader in cannabis extraction, with a focus on the formulation and production of advanced 2.0 products for the B2B and Adult-use markets. Embark continues to be at the forefront of production of solventless concentrate products including Bubble Hash, Traditional Pressed Hash, Rosin and Dry Sift. It is Embark’s mandate to pursue best in class production processes resulting in premium quality commercial and consumer extraction products. Embark Health Inc. is dedicated to unleashing the full potential of the cannabis plant through scientific approaches to extraction and the production of quality products to enhance everyday life. For more information, please visit www.embarkhealthinc.com.