Canadian retailer Hiku Brands Co. Ltd. said Feb. 1 that it entered into a letter of intent to acquire 100% of the issued and outstanding shares of Quebec-based cannabis brand, Maïtri Group Inc.
Under the terms, Maïtri shareholders will receive upfront consideration of C$550,000 — in a combination of cash and Hiku shares — and up to an additional C$1.2 million in Hiku shares in earn-out payments, based on certain performance milestones, the statement added.
The deal is subject to conditions, including entering into a definitive agreement, the news release added.
