LONDON, Oct. 15, 2020 /PRNewswire/ -- Following the successful launch of Cannyx Markets (cannyxmarkets.com), a Global Cannabinoid Commodity Trading Platform - Cannyx Corporation Ltd has announced details of a strategic merger with enterprise software developer LevelBlox, Inc. (OTC: LVBX) and a capital raise and share placement that together will establish Cannyx Markets as the leading infrastructure platform for the maturing CBD industry.
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.
Built on a secure cloud and supported by enterprise blockchain technology, the Cannyx Markets platform provides the vital infrastructure necessary to solve many of the problems facing today's CBD industry, including increasing market liquidity, facilitating logistics and providing businesses with the necessary tools to reduce risk across the complete supply chain.
As a leader in the convergence of technology and Cannabis, LevelBlox, Inc. has created the Cannabis as a Service (CaaS) category - Experience that will be leveraged to help deliver Cannyx Markets as a world-class offering.
The collective technology provides participants with cutting-edge technologies like market surveillance and compliance tools, alongside track & trace capabilities, and unparalleled access to real-time international market data.
As a gold standard, Cannyx Markets' offers professional tools that help manage; price risks, compliance, supply chain resilience, and improve the marketing of physical products to a global buyer community. Registered members can source high quality, authentic, and certified CBD raw materials and commodities including isolates, distillates, oils, and biomass from trusted sources, while approved sellers benefit from the ease of trade and increased liquidity.
"We are excited to be announcing this merger and we look forward to delivering on much needed transparent infrastructure in CBD industry," Comments Mahesh Jayanarayan, CEO & Founder of Cannyx Markets. "By operating a global market platform, we provide participants with the liquidity, market intel and scale necessary to propel the industry to the next level."
Gary Macleod, LevelBlox's CEO, commented: "This merger represents the continued use of Blockchain technology and the use of distributed ledgers for purity and security of data. Mahesh and his team's collective strength, knowledge, and market expertise in the enterprise, financial markets, and Blockchain sectors, will allow our combined development efforts to ramp up the Cannyx footprint in the Global CBD and Commodity Trading and Data services sector."
About Cannyx Corporation Ltd
Cannyx Corporation Ltd operates Cannyx Markets, a real-time trading and market data service platform which provides real time pricing, global market data, and analytics in Organic and non-GMO certified Hemp and Non-Medicinal based Cannabinoids in its initial phase and in 2021 will engage also in Medicinal and Recreational Cannabis. Cannyx Markets participants can trade securely, underpinned by cutting edge blockchain technology.
More information at www.cannyxmarkets.com
LevelBlox Inc. (OTC: LVBX) is dedicated to becoming the foremost leader in the convergence of technology and Cannabis. As the Cannabis industry worldwide continues to grow exponentially, LevelBlox has become the premier go-to solution for the Cannabis ecosystem for their audit, tracking, regulatory, and point of sale requirements.
More information at www.levelblox.com
For additional comments or to receive more details of the share placement please contact:
Mahesh Jayanarayan - CEO & Founder of Cannyx Markets
Gary Macleod – CEO of LevelBlox
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Cannyx Corporation Ltd and LevelBlox Inc. undertake no obligation to comment analyses, expectations or statements made by third parties in respect of Cannyx Corporation Ltd and LevelBlox Inc., its securities, or financial or operating results (as applicable). Although Cannyx Corporation Ltd and LevelBlox Inc. believe that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the control of Cannyx Corporation Ltd and LevelBlox Inc. control. Forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. Cannyx Corporation Ltd and LevelBlox Inc. disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Cannyx Corporation Ltd