Marapharm Ventures Inc. unit Marapharm Inc. plans to sell its Canadian medical cannabis license to Standard Graphite Corp.

Standard Graphite will issue C$5.3 million worth of its shares for the license, plus other Marapharm assets, including 7 acres of property in Nevada and facilities in Washington and California.

Standard Graphite will issue a further C$2.5 million worth of shares if the deal is approved by Health Canada.

Marapharm also has 15 million shares and warrants of Veritas Pharma Inc.