Toronto-based Aura Health Inc. will acquire a 57% interest in Israeli cannabis company CannabiSendak Ltd.
Aura Health, which owns and operates marijuana health clinics in the U.S., will buy common shares of CannabiSendak for $300,000 upon closing of the agreement and will pay an additional $200,000 and $250,000 upon reaching certain milestones.
In addition, the company will buy CannabiSendak's common shares from the Israeli company's treasury for $200,000, subject to certain conditions, and will buy more shares from CannabiSendak for $200,000 for the establishment of dispensaries.
Aura said CannabiSendak intends to establish licensed medical cannabis dispensaries throughout Israel and will use HolyCanna Ltd., an Israel-based cultivation and nursery license holder, as its primary provider of branded cannabis products.
In August, Aura announced that it was going to acquire a 54% interest in Holycanna.