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Aphria enters agreement to acquire 200 acres of land in Ontario

Aphria Inc. is in an agreement to buy 200 acres of land in Canada's Ontario province.

The medical cannabis company will pay C$6.2 million for the property and expects to close the acquisition in January 2017.

"Being able to secure a 200-acre site, in one acquisition, positions Aphria to rapidly advance its expansion plans, when demand for recreational use of cannabis is legalized," Aphria CEO Vic Neufeld said in a statement.

Elsewhere, the company said it was acquiring a further five acres of land adjacent to an existing site for C$750,000 by the end of this year or early January 2017.