Toronto-headquartered PharmaCielo agreed to purchase Creso Pharma, an Australian-traded cannabis oil producer, for 122 million Australian dollars ($85 million).
PharmaCielo is the parent of PharmaCielo Colombia Holdings, a producer of medical cannabis oils in Colombia.
Its products are sold in 13 countries.
More details on the acquisition, which is expected to close in September, can be found here.
PharmaCielo trades on the Toronto Venture Stock Exchange under the ticker symbol PCLO.
Creso Pharma trades on the Australian Securities Exchange as CPH.
For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our new premium subscription service, Investor Intelligence.