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AgraFlora cancels takeover bid for cannabis company Eviana Health

AgraFlora Organics International Inc. said it will not proceed with its potential takeover offer of Vancouver, British Columbia-based cannabis company Eviana Health Corp.

Canada-based AgraFlora said the decision was made due to increased regulatory and operational uncertainty and because Eviana continued divesting its core assets.

On July 26, AgraFlora presented a proposed business combination to Eviana's board but did not get a response, after which it announced plans of a takeover bid directly to Eviana's shareholders in mid-August.

Agraflora planned to offer 1.694915 AgraFlora shares for every Eviana share held, valuing Eviana shares at an offer price of 50 Canadian cents apiece.