Stony Hill Corp. (OTCPK:STNY) entered in a purchase agreement to acquire 80% stake in VitaCBD business assets from mCig, Inc. (OTCPK:MCIG) for $1.1 million in cash and stock on January 30, 2017. Stony Hill paid $0.15 million in cash and issued 0.2 million shares of Stony Hill. Additionally, on May 24, 2017, Stony Hill is obligated to issue to mCig either (i) 0.15 million shares of Stony Hill's common stock or (ii) that number of shares of common stock of Stony Hill valued at $0.3 million, whichever has a lesser “Market Value,”, for the 90 trading days subsequent to February 23, 2017. mCig issued an option to Stony Hill to acquire the remaining 20% stake in VitaCBD business assets for a minimum purchase price of $0. 2 million. mCig incurred a 10% finder's fee with Al Santos in connection with the transaction. The fee shall be paid in cash $0.02 million and in mCig common stock of $0.04 million. Law Offices of Thomas E. Puzzo, PLLC acted as legal advisor for Stony Hill. Maurice Arcadier of Arcadier & Associates, P.A. acted as legal advisor for mCig.

Stony Hill Corp. (OTCPK:STNY) completed the acquisition of 80% stake in VitaCBD business assets from mCig, Inc. (OTCPK:MCIG) on February 23, 2017.