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Tweed Marijuana set to buy MedCannAccess in all share deal

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Tweed will also acquire from MedCannAccess a 33% stake in CannScience Innovations Inc - a health science research company in Toronto which is working to provide standardised doses of medicinal cannabis

Tweed Marijuana (CVE:TWD), Canada's first publicly traded medical marijuana company, is set to buy MedCannAccess in a deal, which it says, will allow it to connect with clients in person via community access centres.

Tweed's lead product is in development and is a mist that can be sprayed into the mouth.

“Tweed has always placed a heavy emphasis on customer service,” chief executive Bruce Linton told investors.

"Until today, that meant people could call us and talk to a customer care associate or find us on social media to learn more about our products and services.

"Now they can walk into a physical location and get that same level of service, face to face.”

Tweed will also acquire from MedCannAccess a 33% stake in CannScience Innovations Inc - a health science research company in Toronto which is working to provide standardised doses of medicinal cannabis.

Shareholders in MedCannAccess, not traded on any public stock market, will receive $1.5 million in Tweed shares upon closing, plus another $4.24 million in Tweed shares provided that certain milestones - including international expansion goals - are met.

Last month, Tweed said it had received authorisation from Health Canada to begin the production of cannabis extracts in the company's state-of-the-art facility in Smiths Falls, Ontario.

Tweed will use preeminent pharmaceutical grade extraction methods to produce purified cannabis derivatives, the company said.

 

Shares in Tweed in Toronto eased 0.63% down to C$1.57.



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