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Emerald Health Therapeutics completed its total acquisition of Northern Vine Canada from Abattis Bioceuticals for C$2 million in cash and 1,093,938 common shares of the company.
Emerald Health Therapeutics (TSXV:EMH) completed its total acquisition of Northern Vine Canada from Abattis Bioceuticals (CSE:ATT) for C$2 million in cash and 1,093,938 common shares of the company.
As quoted in the press release:
Northern Vine is a Licensed Dealer (LD) under the provisions of the Canadian Controlled Drugs and Substances Act.
The dealer license allows Emerald to participate in the growing market for cannabis analytical testing, which Emerald expects to grow in conjunction with increasing cannabis production volumes in Canada. Northern Vine will operate independently of Emerald and is committed to serving all clients, including Licensed Producers and patient-growers. Legalization of cannabis for medical purposes and the upcoming legalization of cannabis for recreational purposes is expected to drive demand for analytical testing services to assess potency and concentration of toxic materials.
This acquisition also allows Emerald to leverage Northern Vine’s dealer license to advance research plans to develop cannabis formulations supporting new products for both recreational purposes and to treat a broad spectrum of human conditions and diseases.
The Agreement includes a milestone payment in the form of common shares of Emerald valued at $4 million if Northern Vine and/or Emerald receive gross revenue of $10 million from the sale of products or services introduced by Abattis.
Click here to read the full press release.
Source: globenewswire.com
