Article by Cannabis Life Network
Lift & Co. Corp. (TSXV:LIFT) (OTCQB:LFCOF) (“Lift & Co.” or the “Company”) announced today its new strategic plan focused on streamlined operations and significant cost reductions in response to the depressed economic conditions in Canada and the U.S. due to COVID-19 pandemic.
Following Lift & Co.’s well-received announcement on April 7, 2020 of its strategic partnership with leading global event management company MCI USA regarding Lift & Co.’s preeminent cannabis B2C and B2B events business, the Company is pursuing a similar asset-light strategy for its CannSell, Lift.co and Cohesion lines of business. Transactions involving these lines of business may include joint ventures or service relationships with various strategic partners operating in the applicable industry.
The Company cautions that there is no certainty that this new asset-light strategic plan will be successful given the current outlook for the cannabis industry and the global economic headwinds caused by the COVID-19 pandemic, which have significantly impacted the Company’s operations and its ability to support and grow its lines of business.
The Company is also announcing that key members of management necessary to execute this strategy will receive options to acquire an aggregate of 2,205,523 Common Shares of the Company under the Company’s Employee Stock Option Plan in lieu of receiving cash salary during the period required to execute this strategy. The options will be exercisable at an exercise price of $0.02 per common share (the last closing price for the Common Shares of the TSX Venture Exchange) for a period of 10 years from the date of issuance.
The Company is also announcing today that Daniel Finkelstein has submitted his resignation as a Director. As a representative of Gotham Green Partners (“GGP”), a significant shareholder of Lift & Co., Mr. Finkelstein was a Director of the predecessor private company of Lift & Co. and a Director of the Company since its listing on the TSX Venture on September 17, 2018. Lift & Co.’s Chair, Stu Miller, said, “We thank Daniel for his service to Lift & Co. and wish him success in his future endeavors. GGP has been an appreciated and committed investor to the Company and with its support, Lift & Co. has grown from a start-up organization into an established and leading marketing and data company for the cannabis industry.”
About Lift & Co.
Lift & Co. (TSXV: LIFT) is a publicly traded technology company modernizing the cannabis industry.