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AgraFlora Organics acquires cannabis producer Heidelberg in $2M share deal

AgraFlora Organics International Inc. has acquired London, Ontario-based cannabis producer AAA Heidelberg Inc. in an all-share deal valued at just over $2 million.

AgraFlora assumed the remaining interest of Heidelberg's cannabis facility, issuing the company's shareholders 12,216,509 common shares at 17 cents apiece.

Heidelberg, now a wholly owned subsidiary of AgraFlora, is growing its first crop of medical cannabis at the facility with fellow Ontario company Canopy Growth Corp.

Vancouver, British Columbia-based AgraFlora changed its name from PUF Ventures in November.