Licensed Canadian medical cannabis producer Mettrum Health Corp. has announced the acquisition of Bodystream – a network of 14 cannabis clinics across Ontario – the company announced in a press release.
Under the terms of the deal, Mettrum acquired all of the outstanding shares of Bodystream for $1 million in cash and issued 451,596 shares of Mettrum stock to current Bodystream shareholders. Mettrum will issue a maximum of 1,505,322 additional shares over the next five years based on Bodystream’s success.
“Mettrum’s physician-centric approach, and commitment to research resonates with our physicians and patients,” Brian Warner, president of Bodystream, said in the release. “We look forward to growing with Mettrum and working to develop a variety of services and products that will help improve the quality of life for patients.”
Michael Haines, CEO of Mettrum, indicated the companies have worked closely for the past two years and Bodystream “demonstrated an ability to scale rapidly while maintaining a high level of professional service.”
“With so many Canadians entering the [Access to Cannabis for Medical Purposes Regulations] system on a monthly basis and medical cannabis gaining traction as a viable therapeutic option for a variety of symptoms, the time to expand this aspect of our business is now,” he said.
Last month, it was announced that Canopy Growth Corp. would acquire Mettrum in a $320 million deal, which still has to be approved by both companies’ shareholders and a court.