Mar 2 2010
International Merchant Advisors, Inc. (PK: IMAI) www.imaiinc.com announced today that the company has reached an agreement in principal to acquire its first operating business in the clinical medical marijuana space. IMAI has agreed to acquire Organic Science, Inc. for $15 million in the restricted common stock of IMAI. Organic Science, Inc. is in the business of managing medical marijuana operations and dispensaries. The purchase price is subject to the completion of a valuation opinion by an independent third party and may be adjusted upward or downward based on the valuation received. IMAI intends to simultaneously pursue further acquisitions and licensing and development in a number of states where medical marijuana is legalized, and is allowed to be operated on a "non-profit and for profit" basis. These include California, Montana, Colorado, and New Mexico, among other opportunities currently being pursued.
John W. Flinn, President and CEO of Organic Science, Inc. said, "We are excited to become part of the publicly traded International Merchant Advisors, and look forward to accelerating our expansion program and current operations with them as our financial and business partner."
Mel Roseman, CEO of IMAI, commented, "There are very few opportunities to acquire existing operations which actually will bring current income in the medical marijuana space. Organic Science brings this current capability, as well as John Flinn, a talented, experienced executive who knows how to build an organization in this important area of chronic pain treatment."
Source:
International Merchant Advisors, Inc.