WEST PALM BEACH, Fla., July 29, 2014 (GLOBE NEWSWIRE) -- Crownbutte Wind Power Inc. (OTC Pink:CBWP) ("Crownbutte") today announced the closing of a definitive agreement to acquire Canna & Canna Inc. of Bothell, Washington. Canna & Canna Inc. develops turnkey branded consumer goods for infusion and distribution by licensed cannabis processors and producers, dispensaries and retail outlets in the states of Washington and Colorado where the recreational consumption of marijuana is legal for persons 21 years and over.
CEO Mark Schaftlein stated:
"Wind power faces an uncertain future given abundant supplies of natural gas and competition from solar energy. The Board of Directors of Crownbutte has determined it is in the best interests of shareholders to acquire Canna & Canna Inc. which is uniquely positioned in the emerging and fast growing marijuana consumer goods industry."
Pursuant to Section 368(a)(1)(B) of the US Tax Code and subject to ratification by shareholders, Crownbutte and Canna & Canna Inc. will effect a Type B reorganization whereby all outstanding shares of Canna & Canna Inc. common stock will be exchanged for 62,125,000 shares of common stock and 500 shares of preferred stock of Crownbutte. As a consequence of the reorganization, Canna & Canna Inc. will become a wholly owned subsidiary of Crownbutte.
Additionally, Crownbutte Wind Power Inc. will change its name to Canna Brands Ltd. reflecting its new business plan and will apply for a new CUSIP and ticker symbol.