MONTREAL — Cannara Biotech Inc. acquired all of the shares of Medican Organic Inc., a wholly owned subsidiary of BZAM Ltd., for an aggregate purchase price of $2.8 million.
The acquisition completes Cannara’s prior acquisition of the Valleyfield cultivation and manufacturing facility, purchased from Medican on June 8, 2021. The acquisition was completed following Medican’s exit from proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) involving Medican’s parent company. Since the initial transaction in 2021, Medican has continued to refine its operating procedures, cultivation practices and post-harvest know-how, including unique extract manufacturing processes, providing Cannara with incremental operational expertise to support its continued growth.
Leadership appointment
In addition, Cannara appointed Nicholas Sosiak chief operating officer, effective April 23. Sosiak, who has served as the company’s chief financial officer since 2020, will transition fully into his new operational role while Cannara conducts a search for his successor as CFO. The company seeks both internal and external candidates for the role.
Sosiak will continue to act asinterim CFO throughout the search and will work closely with his successor to ensure a seamless transition of CFO responsibilities.
