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Home 🌿 Marijuana Business News 🌿 Canadian Cannabis Corp. to Acquire Hydropothecary for $21.3 Million 🌿Canadian Cannabis Corp. to Acquire Hydropothecary for $21.3 Million
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The subscription service is currently unavailable. Please try again later.OAKVILLE, ON--(Marketwired - Oct 20, 2015) -Canadian Cannabis Corp. (CCC) (OTC PINK: CCAN) plans to acquire Hydropothecary Corporation, a licensed producer of cannabis and cannabis oils and licensed distributor of Medicinal Marijuana under the Marijuana for Medical Purposes Regulations (MMPR - license link).
The parties have agreed to general terms, where CCC will pay a total consideration of $21.3 million in cash and stock ($28 million CAD) for 100% ownership in Hydropothecary. CCC has paid an initial $500,000 as a deposit, with the transaction expected to close on November 17, 2015.
Hydropothecary is the largest MMPR licensed landowner which operates a grow facility located on 65 acres in Gatineau, Quebec. The facility's flowering production area currently totals 7,500 sf. A 35,000 sf. structural expansion of the facility has been recently completed, with production in the expanded space planned to begin in the first quarter of 2016.
"This acquisition of Hydropothecary...
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