Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) told investors it has executed a definitive asset purchase agreement with Shoppers Drug Mart to acquire the assets of the Medical Cannabis by Shoppers business.
Under the terms of the agreement, the biopharmaceutical company said it will acquire specific assets, including inventory and equipment, for approximately $2.6 million and will pay Shoppers an earnout for two years, based on net revenues.
Patients of Medical Cannabis by Shoppers will still be able to purchase products on the Medical Cannabis by Shoppers platform until the closing of the transaction at the end of July, after which they can make purchases on the MyMedi.ca platform.
“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,” Avicanna CEO Aras Azadian said in a statement. “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.”
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments.