Avicanna Inc., a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the execution of the definitive asset purchase agreement between Shoppers Drug Mart and Avicanna for Avicanna’s acquisition of assets of the Medical Cannabis by Shoppers business with a final closing date set for July 31, 2023.
“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. 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,” — Aras Azadian, CEO, Avicanna Inc.
As part of the agreement’s terms, Avicanna will acquire specific assets of the business, including inventory and equipment, for approximately $2.6M and will pay Shoppers an earn out, based on net revenues, for a period of two years. During the transition period, patients of Medical Cannabis by Shoppers are still able to purchase products on the Medical Cannabis by Shoppers platform until the closing of the transaction at the end of July.
The MyMedi.ca platform will be launched on the closing date of the transaction, at which point, patients may make purchases through MyMedi.ca.