Maricann Group Inc. completed the acquisition of all outstanding shares of Haxxon AG, a Switzerland-based marijuana producer.

Langton, Ontario-based medical cannabis producer said the acquisition "forms a critical element" of its European expansion strategy and will help it to enter the Swiss market through Haxxon's production of feminized high cannabidiol cannabis plants.

Maricann paid CHF 2 million cash and will issue 3,848,505 common shares to Haxxon within 10 days of closing.

The company will issue up to an additional 132,707 common shares two years after closing of the transaction, provided certain representations and warranties of the seller remain in good standing.