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Mesa Exploration mulls switch to medical marijuana business

Mesa Exploration Corp. signed a letter agreement to wholly acquire JP Mariwell Inc., a company that intends to produce and sell medical marijuana in Canada.

The company will issue 172.0 million common shares for the acquisition, and the transaction will constitute a change of business and a reverse takeover, according to the Dec. 22 release.

As part of the agreement, Mesa will raise C$2.0 million via a private placement of common shares.

Mesa recently acquired six lithium exploration projects in eastern Utah's Paradox Basin.