Toronto-based marijuana company MPX International has agreed to purchase all outstanding shares of Swiss CBD maker HolyWorld SA in an all-stock transaction worth 13 million Canadian dollars ($10 million).
HolyWorld does business as HolyWeed.
The move is part of a trend seen in Canada where companies are looking internationally for strategic acquisitions to tap growth as consolidation continues to heat up at home.
Merger and acquisition activity targeting companies outside North America tripled to 36 last year, according to data compiled by Viridian Capital Advisors.
HolyWeed’s products include Swiss-grown “cannabis light” dry flower, oils and cosmetics that contain less than 1% THC.
In March, MPX closed a private placement stock offering, raising nearly CA$27 million. The company said it intends to use the new capital for expenditures and potential future acquisitions.
MPX International trades on the Canadian Securities Exchange as MPXI.