ABcann Global Corp. completed the acquisition of the cannabis discovery center and clinic Harvest Medicine Inc.
Napanee, Canada-based ABcann paid Harvest Medicine C$1.5 million in cash and issued 1,056,338 common shares.
The deal also involves additional post-closing consideration, subject to the achievement of certain performance milestones.
Under the agreement, the issued shares have been deposited into escrow and will be released in equal quarterly amounts over next three years.
As a result of the deal completion, Harvest Medicine became a unit of ABcann. ABcann has committed to invest C$1.5 million to facilitate the development of new Harvest Medicine clinics and strategic patient-focused initiatives.
ABcann has also entered into an employment agreement with Shekhar Parmar, CEO of Harvest Medicine, under which he was appointed chief strategy officer of ABcann and will continue to act as CEO of Harvest Medicine.
