Canadian cannabinoid company MediPharm Labs is selling its manufacturing operation in Ontario for $5.5 million to Kensana Health.
Under terms of the cash deal, Ontario-based Kensana Health will acquire all of the issued and outstanding shares of MediPharm subsidiary ABcann Medicinals, according to a Tuesday release.
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Once the transaction is finalized, Kensana also will acquire a business license as well as the building, land and equipment.
As part of the agreement, the companies will form a strategic partnership in which Kensana will supply select products and services to support MediPharm’s international brands and customer base.
According to the release, the transaction falls in line with Barrie, Ontario-headquartered MediPharm’s “focus on streamlining its operations and maximizing value for stakeholders.”
“This Transaction is also expected
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