BlissCo Cannabis Corp. signed a letter of intent to acquire cannabis producer CannaTel Cannabis Corp.

The company will pay C$3 million in BlissCo shares to CannaTel in installments tied to specific milestones being met.

Following the acquisition, BlissCo will own the pre-approval medical cannabis cultivation license in Israel that was secured by CannaTel in partnership with a local farmer.

BlissCo Israel, a wholly owned subsidiary of BlissCo, plans to build a cannabis production and research facility.