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Relevium cancels equity purchase in CannaKids, enters license deal instead

Relevium Technologies Inc. said it is no longer acquiring an equity stake in CK Properties and its CannaKids brand under a previous deal.

CK Properties develops medical cannabis for pediatric and adult applications. Relevium previously agreed to acquire an initial 25% of the outstanding shares of CK Properties and CannaKids and the Canadian exclusive rights for the brand for US$2.7 million.

Instead, the Montreal-based healthcare equipment company will buy an exclusive license for the CannaKids intellectual property in Canada for $1.1 million. The renegotiated deal consideration includes $800,000 in shares and $300,000 in cash.

CK Properties will also be eligible for a 13% royalty on sales under the renegotiated license deal.

Relevium expects the transaction to close upon approval by the TSX Venture Exchange.