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Cannabis companies Khiron, Canapalife call off acquisition deal

Khiron Life Sciences Corp. said the letter of intent to acquire Padua, Italy-based private hemp company Canapalife Group has expired and both companies have agreed to shelve the transaction.

Toronto-based cannabis company Khiron Life signed a nonbinding letter of agreement to acquire Canapalife Srl and Campodoro Srl for C$15 million in April.

Hillcrest Merchant Partners Inc. was the adviser for the transaction.

Khiron Life recently completed the acquisition of Uruguay-based cannabis company NettaGrowth International Inc. and its wholly owned unit Dormul SA.