Halo Labs Inc. (NEO: HALO) (OTCQX:AGEEF) agreed to buy U.K.-based medicinal cannabis company Canmart Ltd. in exchange for about 72.5 million common shares.
The Toronto-based company confirmed the deal on Sunday.
Canmart, an importer and distributor of licensed cannabis products, provides cannabis to various U.K. pharmacies and clinics. It was founded by entrepreneurs David Dean and Darran Quin (pictured.
The acquisition is scheduled to close on or before Oct. 30, depending on when Halo receives approval from Toronto-based NEO Exchange Inc.
Halo agreed to issue some 27.9 million of its shares at closing. The two remaining tranches would be issued once certain performance milestones are achieved within the two years following the acquisition’s finalization.
The company said it anticipates carrying out the sale of legally imported prescriptions to 50 unique patients and import of £150,000 of medical cannabis products at a cost that would…