Christina Lake Cannabis Receives New Asset Purchase Offer

VANCOUVER, British Columbia, Sept. 15, 2026 /CourierPR/ -- Christina Lake Cannabis Corp. has received a new unsolicited offer from an arm's length third party, Medical Saints Ltd., for the sale of substantially all of its assets. This new offer comes after the company had previously announced a deal with a private Alberta corporation on August 21, 2026.

According to Christina Lake Cannabis, the new offer is for an aggregate purchase price of $18 million, on a cash-free, debt-free basis. The deal would see Medical Saints Ltd. acquire all of the assets of Christina Lake Cannabis, excluding cash, cash equivalents, tax receivables, and certain other assets to be agreed upon as excluded. The assets to be acquired include the company’s 32-acre property with over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction.

Christina Lake Cannabis Corp. has formed a Special Committee of the Board of Directors to review the merits of both the new and the original transaction proposals. The Special Committee will consider the strategic alternatives available to the company, including the potential transactions with both the Original Purchaser and Medical Saints Ltd.

The original transaction, which was announced on August 21, 2026, involved an acquisition of all of the issued and outstanding common shares of Christina Lake Cannabis by the Original Purchaser for an aggregate transaction value of $15 million. However, the new offer from Medical Saints Ltd. presents a different structure, focusing on the acquisition of the company’s assets rather than its shares.

Medical Saints Ltd. CEO, Lucas Leone, expressed enthusiasm about the potential acquisition, stating, "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."

The second letter of intent (LOI) between Christina Lake Cannabis and Medical Saints Ltd. is non-binding and does not create any binding legal rights or obligations, other than certain customary provisions. The LOI provides for an exclusivity period of 40 days, during which the parties will negotiate and enter into a definitive agreement. The transaction is subject to various conditions, including the negotiation and execution of a definitive agreement, receipt of all required regulatory, stock exchange, corporate, and shareholder approvals, and the entering into of mutually agreed employment, consulting, and/or transition services arrangements.

Christina Lake Cannabis Corp. is a licensed producer of cannabis under the Cannabis Act, with a standard cultivation license and corresponding processing amendment from Health Canada. The company’s facilities consist of a 32-acre property and a 342-acre property, with approximately 100 acres of licensed outdoor grow space, greenhouses, and a dry room.

The company’s shares are listed on the Canadian Securities Exchange (CSE) under the symbol CLC, and on the OTCQB under the symbol CLCFF. The deal is subject to the negotiation and execution of a definitive agreement and the receipt of all required shareholder, regulatory, stock exchange, and other approvals. If a definitive agreement is executed, the company expects to hold a special meeting of shareholders to approve the transaction.

Christina Lake Cannabis Corp. is represented by Prelia Canada LLP as its legal advisor. The company focuses its production on creating high-quality outdoor flower, extracts, and distillate for its business-to-business (B2B) client base.