Canada's SOL Global Investments Corp. will acquire a 25% stake in GreenLight Pharmaceuticals Ltd. for €1.8 million.
The investment is part of a strategic partnership between the parties.
Toronto-based SOL Global will have an option to increase its stake in Dublin-based GreenLight, a medical cannabis company, to 51%. GreenLight has a seed genetics program, cultivation operations, and cannabidiol brand and distribution operations.
Further, SOL Global will hold an option to acquire a 75% stake in a future GreenLight unit that obtains a cannabis cultivation license in Ireland or Northern Ireland for about €1 million.
SOL Global board member Rob Reid and Chief Medical Officer Michael Barnes will become directors of GreenLight Pharmaceuticals.
GreenLight CEO James Linden said the company is expecting the roll out of full medicinal cannabis markets in Ireland and the U.K. in 2019. He added that the expansion of the company's food supplements range and the research and development of its pharmaceutical products will give GreenLight a greater international profile.
SOL Global is an international investment company focused on cannabis and cannabis-related companies.