MediPharm Labs completes acquisition of VIVO Cannabis
by CM staff
The acquisition of VIVO will add established Australian and German medical cannabis brand Beacon Medical and a Canadian medical sales platform Canna Farms Medical.
BARRIE — MediPharm Labs Corp., and VIVO Cannabis Inc., completed the plan of arrangement under section 192 of the Canada Business Corporations Act, pursuant to which MediPharm has acquired all of the issued and outstanding common shares of VIVO in an all-equity business combination transaction effective April 1.
The acquisition of VIVO will add established Australian and German medical cannabis brand Beacon Medical and a Canadian medical sales platform Canna Farms Medical.
“Our entire team has been working long and hard to achieve our goals of growth and profitability and this deal is a manifestation of that hard work. I cannot thank the team enough,” said Ray Laflamme, CEO, VIVO. “Canna Farms and VIVO have been huge parts of my life and our team’s lives for the past ten years. Personally, I am proud to be part of the cannabis industry, and I am proud that our company and our leadership are being recognized and validated by MediPharm’s desire to merge with us. We are very proud of VIVO and the amazing new company that we will create with MediPharm.”
VIVO has become a wholly-owned subsidiary of MediPharm, and the VIVO shares are anticipated to be de-listed from the Toronto Stock Exchange on or about April 4.
VIVO shareholders are entitled to receive 0.2910 of a common share of MediPharm (each whole share, a “MediPharm Share”) in exchange for each VIVO share held immediately prior to closing of the arrangement.
