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ABcann to acquire medical cannabis clinic

ABcann Global Corp. signed a binding letter of intent to acquire Harvest Medicine Inc., a cannabis discovery center and clinic.

Under the deal, ABcann will pay Harvest Medicine C$1.5 million in cash and issue 1,056,338 common shares, valued at C$1.5 million. The company will also pay future consideration in cash or common stock after closing, subject to the achievement of certain performance milestones.

In addition, ABcann will invest C$1.5 million in Harvest Medicine to help with its expansion plans.

Harvest Medicine founder and CEO Shekhar Parmar will join ABcann as chief strategy officer at the deal's completion.

The transaction is subject to customary closing conditions, execution of agreements, as well as third-party and regulatory approvals.