Canada’s Maricann buys biotech firm, raises CA$35M to up capacity

Maricann Group announced a double-dose of positive news this week.

The Toronto medical marijuana producer and distributor (Canadian Securities Exchange: MARI) said it agreed to purchase biotech company NanoLeaf Technologies for 38.5 million Canadian dollars ($30 million).

Maricann also secured up to CA$35 million in funding through a private placement of convertible debt.

Under the acquisition, shareholders of Toronto-based NanoLeaf will receive some 18.3 million common shares of Maricann stock at CA$2.10 per share. Maricann will also loan NanoLeaf CA$1.6 million in cash.

NanoLeaf, through its licensing agreement with Vesifact AG of Switzerland, has

…

Canada’s Maricann buys biotech firm, raises CA$35M to up capacity is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs