HollyWeed North Cannabis Inc. signed a letter of intent to acquire Navion Capital Inc. (TSXV:NAVN.P) in a reverse merger transaction on August 17, 2018. Under the terms of the transaction, the security holders of Hollyweed North will exchange all securities, consisting of 82.3 million common shares (following completion of a concurrent private placement to raise a minimum CAD 2 million in additional funds by the issuance of common shares of Hollyweed North at an effective price of CAD 1 per share), 4.2 million stock options and 0.06 million purchase warrants for 84.9 million shares, 4.2 million stock options and 0.06 million warrants of Navion, on the same terms, at a deemed price of CAD 1 per share for a total deemed consideration of CAD 84.9 million. The letter of intent contemplates Navion and Hollyweed North entering into a definitive agreement prior to August 31, 2018 (or such other date as may be agreed to by the parties). Hollyweed North is currently restructuring its capital such that, upon execution of the definitive agreement, all of the subsidiaries including: Hollyweed Grow Inc., Hollyweed Manufacturing and Extracts Inc., Hollyweed Retail Inc., Hollyweed Bakery Inc. and Terracube International Inc. will be wholly-owned by Hollyweed North. Navion expects to be classified as a Life Sciences issuer upon completion of the transaction. Upon completion of the transaction the resulting issuer's board will be comprised of directors that will be nominated by Hollyweed North and Navion jointly. The transaction is conditional upon the parties completing successful due diligence reviews of each other by August 31, 2018, the completion by Hollyweed North (with the assistance of Navion) of an interim financing yielding at least CAD 2 million in gross proceeds, requisite regulatory approvals, including the approval of the TSXV and meeting the minimum listing requirements of the TSXV, and standard closing conditions, including the approval of the transaction by Directors of each of the parties. The transaction is also subject to approval by the majority of the minority shareholders of Hollyweed North however the transaction will not require approval from Navion shareholders. As of July 5, 2019, the transaction is expected to close in November 2019. As of October 30, 2019, the transaction is expected to close in early 2020. As of March 31, 2020, the transaction is expected to complete in the second quarter of 2020. HollyWeed North Cannabis Inc. cancelled the acquisition of Navion Capital Inc. (TSXV:NAVN.P) in a reverse merger transaction on April 1, 2020.