The Peace Naturals Project Inc, a Stayner, Ontario-based company licensed to produce and sell medical marijuana, has agreed to acquire MedCannAccess, which operates in the same sector. The financial terms of the deal, which is expected to close in the second quarter, were not released. Peace Naturals is a portfolio company of PharmaCan Capital Corp, a merchant bank focused on investing in Canada’s medical marijuana industry.
PharmaCan Investee Proposes Acquisition
TORONTO, ONTARIO–(Marketwired – Feb. 23, 2015) –
PharmaCan Capital Corp. (TSX VENTURE:MJN) (“PharmaCan”) On Friday February 20, 2015, The Peace Naturals Project Inc. (“Peace Naturals”), an investee company that PharmaCan currently owns 27.4% of, announced that it signed a definitive agreement to acquire 8437726 Canada Inc. operating as MedCannAccess. The transaction is scheduled for completion during Q2, 2015 and is subject to receipt of all required regulatory consents and approvals. Terms of the agreement were not disclosed. There can be no assurance that the proposed transaction will close.
About PharmaCan Capital Corp.
PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada’s MMPR. PharmaCan has a diversified portfolio of investments including investments in 5 of the 24 companies licensed by Heath Canada to produce medical marijuana. PharmaCan’s 5 investments includes 3 of the 16 companies that are listed on Heath Canada’s website as licensed to produce and sell medical marijuana as well as another 2 of the 10 companies that are listed on Health Canada’s website as licensed to produce medical marijuana.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PharmaCan Capital Corp.