[ET Net News Agency, 15 May 2019] Beijing Enterprises Medical and Health Industry Group
Limited (02389) said the company has entered into a non-legally binding letter of intent
with Weed Me Inc. (Weed Me).
The company intended to (i) acquire certain equity interests in Weed Me; (ii) commence
strategic cooperation with Weed Me in relation to geriatric care business, which includes,
among others, research on treating Alzheimer's disease with industrial cannabis extracts;
and (iii) invite the management of Weed Me to join the group.
Weed Me currently holds licenses for cultivation, processing and sale for medical
purposes of industrial cannabis issued by Health Canada. Weed Me is principally engaged in
the production and sale of quality consumer goods and medical extracts related to
industrial cannabis.
As the businesses of the group cover geriatric care, medical care and sports, services
and products to be provided by Weed Me are able to create synergy effect with the relevant
businesses of the group and help the group to capture different opportunities. (RC)