Scythian Biosciences Corp. said its acquisition target CannCure Investments Inc. received clearance from Florida's Department of Health to buy a 60% stake in 3 Boys Farms LLC.
Toronto-based Scythian has agreed to acquire a 70% stake in CannCure, with an option to buy the remaining 30% equity within 15 months after the deal closes.
The deal closing was subject to CannCure's acquisition of two Florida-based organizations, including 3 Boys Farms, a licensed medical marijuana treatment center.
Florida's Department of Health's office of medical marijuana also approved the transfer of 3 Boys' license to operate as a medical marijuana treatment center in the state.
The transfer of the remaining 40% stake to CannCure will close shortly after getting all required governmental approvals from the Department of Health.
Scythian Biosciences, a Canadian medical cannabis company, has previously stated that it expects to close CannCure deal on or around Oct. 15.