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Tree of Knowledge closes Asterion Bio Med acquisition

Canada's Tree of Knowledge International Corp. closed its previously announced acquisition of Asterion Bio Med Inc., a cannabis healthcare provider in Ontario.

Asterion Bio Med's education and research platform, under an exclusive strategic alliance agreement, has access to Jack Nathan Medical Inc.'s healthcare system of more than 70 medical clinics across six provinces.

The network, one of the largest in the country, books over 1.5 million patient visits every year, Tree of Knowledge said in a news release.

Under the transaction, each Asterion Bio Med share was exchanged for 2.1894 common shares in Tree of Knowledge. Former Asterion Bio Med stockholders now own about 47.9% of Tree of Knowledge.

Tree of Knowledge also issued 12,464,393 units at 22 cents apiece for the acquisition. Each unit issued under the private placement comprised 1 common share and a 48-month warrant to buy 1 additional share for 39 cents. The company raised gross proceeds of about $2.7 million through the placement.

Tree of Knowledge produces and sells hemp-based cannabidiol products in certain jurisdictions in the U.S., as well as in Europe, South America and China.