Zara Resources Inc. said Dec. 27 that it entered into a definitive share exchange agreement to acquire Washington State-based cannabis company Blacklist Holdings Inc. via a reverse takeover.

Blacklist shareholders are expected to receive approximately 86,915,057 post-consolidation Zara shares at 50 Canadian cents apiece. The deal's close is anticipated by late March 2019.

The transaction is Zara's latest attempt to exit mining. The company previously cancelled its acquisition of electric car companies Fox Automotive Switzerland AG and Magnum Pirex AG.

Zara owns the Forge Lake gold and Pigeon River nickel-copper projects in Ontario.