Maricann Group Inc. has agreed to acquire Medican Holdings Ltd, whose subsidiary Medican Research Group is one of six companies that has received a medical cannabis license in the Republic of Malta. The cash-and-stock deal is worth $10.1 million, comprised of $7.6 million in common shares at no less than $2.35, and $2.5 million in cash.
Once the deal is complete, Maricann will have the ability to import, extract, manufacture finished products, and distribute medical cannabis within Malta and the European Union. Maricann already has a presence in Germany.
“Malta possesses key talent who are trained in finished dose manufacturing, and has an existing base of pharmaceutical production that we will expect to engage as we move forward. We also plan to import [active pharmaceutical ingredients] from our Haxxon operation in Switzerland, providing multiple sources of product to ensure robust product supply.” – Maricann CEO Ben Ward in a press release
The company plans to import raw materials and whole plant extracts from Canada to Malta doe commercial production of distillates. The distillates will be used to manufacture finished products for Maricann’s VesiSorb drug delivery technology, which includes water-soluble powder, topicals, sprays and tinctures, drinks, and capsules.