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Corix Bioscience to buy 60% stake in California-based cannabis company

Corix Bioscience Inc. agreed to acquire 60% interest in OG Group LLC in an all-stock deal.

OG Group is a cannabis company that is about to purchase an Adelanto, Calif.-based principal operations facility.

Under the deal, Corix will issue 17.5 million common shares to OG Group's shareholders. Corix will issue the 5.0 million shares upon closing, while the remaining 2.5 million shares will be issued on each subsequent purchase anniversary for five years after the deal closes.