Shares in LevelBlox, Inc. (OTC: LVBX), a leader in the convergence of technology and Cannabis, rose sharply yesterday following the announcement of an intended merger with Cannyx Corporation Ltd, owner of global cannabinoid commodity trading platform Cannyx Markets.
LevelBlox shares rose over 130% on the day to close at 0.026, following the announcement.
The market responded positively to the news that Cannyx Corporation entered a letter of intent on the 27th June 2020 to be acquired through a merger with LevelBlox Inc. Under the agreement, LevelBlox will issue the shareholders of Cannyx Corporation Ltd 170,639,500 new common stock or 60% of the expanded share capital. The merger is expected to be completed simultaneously with the completion of the private placement – Q4 of 2020.
The capital raise and share placement together will be used to establish Cannyx Markets as the leading infrastructure platform for the maturing CBD industry.
The Cannyx Markets platform has received significant industry approval following its launch. With CBD businesses seeking to access the vital infrastructure necessary to solve many of the problems facing today’s industry, including increasing market liquidity, facilitating logistics and providing businesses with the necessary tools to reduce risk across the complete supply chain.
As the CBD and wider cannabinoid industry continues to grow at a rapid pace there is an increasing demand to deploy technology to help aid the sector’s continued development.
Regulatory landscapes around the world are opening up new markets for cannabinoid and hemp, and at the same time cannabinoid raw materials are becoming more commoditised with the rising need for robust supply chains and resilient global logistics.
This in turn is resulting in greater complexity for companies looking to navigate these markets and driving the requirement for technologies that can be used to effectively manage trading activity.