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Aleafia completes all-share acquisition of medical cannabis company Emblem

Aleafia Health Inc. completed an all-share acquisition of Emblem Corp. valued at about C$173.2 million.

Aleafia has combined Emblem with its wholly owned subsidiary Canada Inc. after the deal was approved by the Ontario Superior Court of Justice earlier in March. The combined company will continue as Emblem.

Concord, Ontario-based Aleafia will issue 0.8377 of a common share in exchange for each Emblem share held by its shareholders. Aleafia expects that Emblem shares will be delisted from the TSX Venture Exchange on or around March 18.

Aleafia shares will also be delisted from the TSX Venture Exchange and will start trading on the Toronto Stock Exchange on March 19 under the symbol ALEF.

All outstanding warrants of Emblem will continue listing on the TSX Venture Exchange as the warrants of the combined company under the existing trading symbols until they expire or are exercised or delisted.

Under the acquisition, two directors, Gary Goodyear and Michael Verbora, have resigned from Aleafia's board and will be replaced by Loreto Grimaldi and Daniel Milliard, former directors of Emblem. Verbora will continue in his role as chief medical officer at Aleafia Health.

The TSX Venture Exchange has approved the termination of escrow agreement of both Aleafia and Emblem and will release 4,129,650 and 6,584,133 common shares of the companies, respectively.

Aleafia operates cannabis cultivation and production facilities and is also involved in e-commerce and retail distribution.