LiveWell Canada Inc. agreed to acquire Acenzia Inc., a privately held, Canada-based developer of supplements and health products, for C$20 million.
Ottawa, Canada-based LiveWell followed through on a letter of intent to acquire the company on October. Acenzia shareholders have accepted promissory notes for C$2 million of the cash portion of the deal consideration.
LiveWell will also issue 21,428,571 common shares to Acenzia stockholders at 84 Canadian cents each at closing. The Canadian cannabis company expects the transaction to close in the next few weeks.
LiveWell said the deal is part of its transformation into a global cannabidiol life sciences company. The company, on Dec. 4, said it was acquiring hemp cannabidiol company Vitality CBD Natural Health Products Inc. and its U.S. units in a reverse takeover deal.