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VANCOUVER, British Columbia, Sept. 15, 2026 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) announces that it has received an unsolicited offer from an arm’s length third party for a proposed transaction for the sale of substantially all of the assets of CLC. The proposed transaction involves a different potential buyer and is not related to the proposed transaction announced by CLC on August 21, 2026. CLC has entered into a non-binding letter of intent in respect of the second offer.
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The Special Committee of the Board of Directors (the “Special Committee“) formed in August 2026 will review the merits of the proposed transaction. The Special Committee is also continuing to review the merits of the original transaction proposal announced on August 21, 2026. The Board of Directors of CLC has not approved the entering into of any definitive agreement for either transaction at this time. See “Special Committee” below.
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Original Transaction
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On August 21, 2026, CLC announced in a press release (the “August 21 Press Release“) that it had entered into a non-binding letter of intent (the “Initial
LOI“) with a private Alberta corporation (the “Original Purchaser“), to engage in due diligence and negotiations regarding the terms of a proposed transaction (the “Original Transaction“) whereby the Original Purchaser would acquire all of the issued and outstanding common shares (the “Shares“) of the Company. The final structure of the Proposed Transaction has not been determined and, if the parties agree to proceed, will be set out in a definitive agreement between CLC and the Original Purchaser.
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The Initial LOI contemplates an aggregate transaction value of $15,000,000 for 100% of the equity of the Company on a fully-diluted, cash-free, debt-free basis. The Initial LOI is non-binding and there can be no assurance that a definitive agreement for the Original Transaction will be entered into or that the Original Transaction contemplated by the Initial LOI, or any other transaction, will be completed.
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Alternative Transaction
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Subsequent to the execution of the Initial LOI and the issuance of the August 21 Press Release, the Company received an unsolicited offer from Medical Saints Ltd. an arm’s length third party (the “Alternative Purchaser“) for the sale of substantially all of the assets of CLC (the “Alternative Transaction“). In connection with the fiduciary obligations of the Board and the Special Committee, and as permitted by the exclusivity provisions of the Initial LOI, the Company entered into a non-binding letter of intent with the Alternative Purchaser effective September 11, 2026 for an Alternative Transaction (the “Second LOI”). No definitive agreement has been entered into in respect of the Original Transaction or the Alternative Transaction. “We are extremely pleased to move forward with the acquisition of the Christina Lake Cannabis assets. The scale of the cultivation platform is significant, but what makes this transaction particularly strategic for Medical Saints is the extraction infrastructure, processing capabilities, and expertise that Christina Lake has built. These assets complement our existing operations and materially expand what we can produce, process, and bring to market. Lucas Leone – Chief Executive Officer, Medical Saints Ltd.”