A publicly traded Canadian medical marijuana company is boosting its U.S. presence by entering into an agreement to acquire two marijuana licenses – one production, one processing – from a cannabis company in Washington State.
Marapharm Ventures, which trades on the Canadian Securities Exchange, the Frankfurt Stock Exchange, and the over-the-counter market in the United States, said it plans to complete the acquisition of the licenses by or before April 29.
It did not reveal the name of the business that owns the licenses.
The acquisition agreement is for $1.5 million, which includes $1.3 million in cash plus $200,000 in treasury shares.
One license is for a 21,000-square-foot cultivation site, while the processing business is located in a 28,000-square-foot facility.
The company has an option to purchase a license for a 9,000-square-foot cultivation site as well.
Vancouver-based Marapharm is also in negotiations to buy all of the properties owned by the Washington State company, which includes the two cultivation sites and the processing site as well as several other buildings, for $4.5 million.
Marapharm also has a cultivation site in Las Vegas and is working on projects in Denver and California.