Another Canadian company invests in Jamaican cannabis
Osoyoos Cannabis Inc has announced an agreement to acquire 100 per cent of the shares of AI Pharma, the parent company of AI Pharmaceuticals Jamaica Limited.
AI Pharma is a private corporation incorporated and operating under the laws of Jamaica. It holds 100 per cent of the shares of AI Pharmaceuticals Jamaica Limited, the company said in a press release.
The release further indicates that AI Pharma is engaged in the research and development of cannabis (cannabinoids) and mushrooms (psilocin)-based pharmaceutical, nutraceutical and cosmeceutical formulations and related intellectual property.
Osoyoos Cannabis has a joint-venture agreement with a private, vertically-integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third-party businesses.
The company, led by CEO Graham Simmonds, is also seeking out other opportunities within the cannabis industry both in Canada and internationally.
AI Pharma's business, with its combinatorial discovery research utilising cannabis in association with the Cannabis License Authority, is at an early stage and has not yet generated revenues, Osoyoos also said in the release.
In consideration for 100 per cent of shares in the parent company, Osoyoos Cannabis agreed to pay to the vendors a purchase price of $2,520,000, to be satisfied by issuing to the vendors an aggregate of 36,000,000 common shares of the Company at a deemed price of $0.07 per share.
The completion of the acquisition expected to occur on or around June 30, 2020.