Canadian cannabis company Aura Health Inc. completed its planned acquisition of an 80% equity interest in Pharmadrug Production GmbH from Anquor Pharmaceuticals UG for €5 million.
Aura inked a definitive deal to acquire the German medical cannabis distributor in late February. German pharmaceutical products supplier Anquor Pharmaceuticals retained a 20% interest in Pharmadrug.
Pharmadrug holds a narcotics license in the EU, which allows it to distribute pharmaceutical products and medical cannabis to German pharmacies and the rest of the eurozone as markets become legalized.
The transaction will help Aura export its own medical cannabis from Israel into the EU. The company also plans to grow the Pharmadrug business through additional supply agreements with other Canadian, European and Israeli licensed producers.