Atlas to acquire an additional pharmacy and provides update on expanding its global cannabis footprint
by CM staff
The proposed transaction is one of two proposed acquisitions previously announced on March 7, upon the company entering into binding letters of intent for the acquisition of a 51 per cent and 70 per cent interest in two medical cannabis pharmacies in Israel.
CHATHAM — Atlas Global Brands Inc., announced that it has entered into a definitive agreement, signed May 17, for the acquisition of 51 per cent of the outstanding securities of an Israeli private limited liability company operating a medical cannabis pharmacy.
The proposed transaction is one of two proposed acquisitions previously announced on March 7, upon the company entering into binding letters of intent for the acquisition of a 51 per cent and 70 per cent interest in two medical cannabis pharmacies in Israel.
The pharmacy was granted a license to sell medical cannabis in October 2022 and annualized sales have since grown to approximately NIS 6.0 million (approximately CAD $2.2 million).
“The signing of the definitive agreement strengthens Atlas Global’s strategy toimprove patient access to high-quality cannabis products, through new distribution points in primary locations in Israel,” said Bernie Yeung, CEO of Atlas Global. “Atlas intends to continue leveraging our value chain expertise to offer a greater assortment and variety of quality offerings, while enhancing the patient experience. We believe that this acquisition will benefit both patients and our shareholders, while continuing to expand our footprint in theinternational cannabis market.”
