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RavenQuest to acquire 51% of cannabis cultivator 1 Life

Ravenquest Biomed Inc. is acquiring a 51% stake for $1 in British Columbia-based 1 Life Cannabis Corp., which focuses on premium, small-batch artisan cannabis cultivation.

1 Life may redeem the acquired stake after it receives a license to produce under Canada's Access to Cannabis for Medical Purposes Regulations.

Under the terms of the transaction, RavenQuest will be granted an ongoing royalty of 15% of the gross revenue from production at 1 Life, according to a Jan. 3 news release.

Completion of the deal is subject to completion of due diligence, the negotiation of definitive documentation and receipt of regulatory approvals.

Vancouver, British Columbia-based Ravenquest is a cannabis company that focuses on cannabis production, management services and consulting, and specialized research and development activities.