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Creso Pharma closes deal to acquire privately held medicinal cannabis producer

Creso Pharma Ltd. completed its previously announced acquisition of Mernova Medicinal Inc., a privately held Nova Scotia-based producer of medicinal cannabis.

The company paid Mernova shareholders C$200,000 for the acquisition, and issued 8.3 million shares of its newly incorporated Canadian unit Creso Canada Ltd. The shares are exchangeable into Creso Pharma shares based on the achievement of certain milestones. Creso Canada Corporate Ltd. was also newly incorporated as part of the transaction.

Australia-based Creso Pharma said the closing of the deal marks its formal entry into Canada.