New Age Farm Inc. (CSE: NF) (OTC: NWGFF) announce on Thursday that it will implement the Plan of Arrangement with its wholly owned subsidiary, NHS Industries Ltd. approved by the Company’s shareholders. The Company will prepare NHS facilities and infrastructure in Langley, BC in anticipation of Canada’s recreational marijuana industry. The board of directors of New Age Farm have set the share distribution record date of the Plan of Arrangement at close of business on November 30, 2016.
New Age Farm Inc. offers a unique growing infrastructure and services for licensed growers and processors of luxury crops including cannabis at green campuses in Washington State and British Columbia. The two campuses in Washington State – one in Sumas and one in Oroville — are capable of welcoming specialty producers as well as licensed marijuana growers.
According to the agreement New Age Farm and NHS, New Age Farm would spin-off NHS, together with all its assets and liabilities, as a separate operating entity and NHS would operate the Company’s Langley Property located in British Columbia. In return Shareholders would hold one new share in the capital of the Company and its pro–rata share of the post-consolidation NHS Shares will be distributed for each currently held New Age Farm share. The New Shares would be identical in every respect to the present New Age Farm shares.
Cannabis legalization was on nine states this year, and on Tuesday California, Massachusetts and Nevada legalized marijuana. Three major states that have potential to become the reflection of the country’s changing opinions toward cannabis, both for medical and recreational purposes. With these states, now more than 20 percent of Americans can use marijuana legally.