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Canadian cannabis companies Friday Night, Body and Mind to merge

Canadian cannabis distributor Friday Night Inc. is acquiring Body and Mind Inc. in an all-stock deal.

The acquisition values Body and Mind at about C$115 million.

Body and Mind, a Canada-based development-stage company that produces medical marijuana, will be combined with a wholly owned Nevada subsidiary of Friday Night.

Body and Mind shareholders will receive common shares in Friday Night's capital in exchange for their Body and Mind shares. Friday Night will issue 115 million shares for all of the Body and Mind shares.

The merger, which is subject to closing conditions, is anticipated to be completed on or about March 31, 2018. The transaction is expected to be immediately accretive to Friday Night's cash flow.

Body and Mind President Robert Hasman will head the expanded organization as president.