Charlottetown company looks to create value-added cannabis products;
To be bought by Cannabis Wheaton
The Charlottetown-based cannabis company has agreed to be bought by one of Canada's largest marijuana investment companies, the second major acquisition of a P.E.I.-based marijuana company this year.
Cannabis Wheaton Income Corp., a publicly listed company, is paying $38 million in an all-stock deal for Dosecann. The acquisition is part of a spate of deals Cannabis Wheaton has made recently, including acquiring another Maritime marijuana company, Robinson's Cannabis Inc. in Nova Scotia.
In February, Canada's Island Garden, a marijuana growing and product development company also based in the BioCommons Research Park, sold a majority stake to an American tobacco company for an undisclosed amount.
The acquisition of Dosecann fits into Cannabis Wheaton's overall strategy by taking raw cannabis and turning into a product that may be anything from a pharmaceutical to a consumer packaged good, said Vlad Klacar, associate general counsel and head of regulatory affairs for Cannabis Wheaton.
"He invited us to come out to P.E.I. and visit the facility and meet the team and to tell you the truth, that's what sold us," Klacar said. "When we saw his vision and met the people he surrounded himself with ... we decided this is exactly what we needed."
https://ca.news.yahoo.com/charlottetown-company-looks-create-value-220000344.html?soc_src=social-sh&soc_trk=tw&guccounter=1
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