Less than a week after inking a $35 million agreement to purchase California-based cannabis company Platinum Vape, Toronto’s Red White & Bloom Brands (RWB) announced Monday plans to acquire Michigan’s PharmaCo Inc.
In a news release, RWB said it had exercised its right to acquire 100% of PharmaCo via the company’s wholly owned MichiCann Medical Inc. subsidiary.
On January 4, 2019, MichiCann negotiated a put/call option agreement with PharmaCo shareholders, enabling it to acquire 100% of the company in exchange for 37 million common shares. At the same time, MichiCann also agreed to purchase up to $114.7 million worth of PharmaCo debt.
According to a recent filing, the call option was valued at C$20.6 million as of March 31, 2020.
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