Toronto-headquartered Avicanna announced the closing of its acquisition of the Medical Cannabis by Shopper’s Business unit from major Canadian pharmacy chain Shoppers Drug Mart.
The price tag was 2.6 million Canadian dollars ($1.9 million) plus earnout payments based on net revenue for a two-year period.
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Avicanna – a biopharmaceutical company focused on cannabinoid-based products – also announced the launch of MyMedi.ca, a medical cannabis care platform, which replaces the platform used by Shoppers.
“We are pleased to have closed the acquisition of the Business from Shoppers Drug Mart and recognize this as a transformational milestone in the life of our company,” Avicanna CEO Aras Azadian said in a statement.
“We are motivated to meet the needs of our new patients through MyMedi.ca and welcome the thousands of patients that have transitioned over from the Medical Cannabis by Shoppers platform.”
The company did not disclose the number
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