Source: Avicanna.
  • Avicanna has signed a definitive agreement to acquire Shoppers Drug Mart’s medical cannabis business for $2.6 million
  • Shoppers patients will be able to transition to Avicanna’s MyMedi platform at the end of July 2023
  • Avicanna is an international biopharmaceutical company focused on evidence-based cannabinoid products for global medical and pharmaceutical markets
  • Avicanna (TSX:AVCN) last traded at $0.385 per share

Avicanna has signed a definitive agreement to acquire Shoppers Drug Mart’s medical cannabis business.

Avicanna will acquire specific assets, including inventory and equipment, for $2.6 million and will pay Shoppers an earn out based on net revenue for two years.

Patients are able to purchase products on the Medical Cannabis by Shoppers platform until the closing of the transaction. Avicanna will launch its MyMedi.ca platform once the transaction closes for patients to make the transition.

“Since the initial announcement in March 2023, we have worked diligently and collaboratively to develop and execute a seamless process for transitioning patients, and address various patient, product and operations matters through the buildout of MyMedi.ca. We wish to express our thanks to everyone involved, and in particular to the Shoppers Drug Mart team, for getting us to this exciting milestone,” stated Aras Azadian, CEO of Avicanna.

The acquisition of Medical Cannabis by Shoppers has a final closing date of July 31, 2023.

Avicanna is an international biopharmaceutical company focused on evidence-based cannabinoid products for global medical and pharmaceutical markets.

Avicanna (TSX:AVCN) last traded at $0.385 per share.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.


More From The Market Online
Rolls of Cleveland-Cliffs steel

Cleveland-Cliffs to acquire Canadian steelmaker Stelco for $3.4B

Cleveland-Cliffs (NYSE:CLF) signs a deal to acquire Canadian steelmaker Stelco Holdings (TSX:STLC) for C$3.4 billion.
A business jet service centre.

Bombardier slashes emissions at London service centre

Bombardier (TSX:BBD.B) installs more than 3,000 solar panels atop its service centre at London's Biggin Hill Airport in the U.K.
Arial photo of Black Pearl stripped outcrop area.

Significant new graphite discovery unearthed in Québec

Graphano Energy (TSXV:GEL) has made a significant new graphite discovery at its Standard East claim group in Québec.
Bloom Project.

Champion Iron temporarily halts operations in response to forest fires

Champion Iron (TSX:CIA) temporarily shuts down operations at its Bloom Lake mine because of forest fires near Labrador City.