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.