Stoney Creek, Ontario-based Emergence client, Dosecann Inc. has entered into an agreement to be acquired by Cannabis Wheaton Income Corp. of Vancouver for $38 million, payable in common shares of Cannabis Wheaton. Dosecann is a late-stage “Licensed Dealer” applicant. You can read the full announcement here!
Dosecann Inc. previously completed a private round of secured convertible debenture unit financing led by Perth, Australia-based MMJ PhytoTech Limited. MMJ PhytoTech invested $2.5 million in Dosecann at a pre-money valuation of $11.5 million.
The Cannabis Wheaton transaction is expected to close on or about April 30, 2018.
Dosecann is developing a suite of cannabis-based health and wellness products for the current medical and future adult use cannabis market. The company is planning construction of a 45,000ft² GMP pharmaceutical level production facility in Prince Edward Island and aiming to secure Licensed Dealer status by May 2018.
Dosecann’s purpose-built Charlottetown facility is intended to accommodate product development, extraction, formulation, filling and packaging. Dosecann is developing a suite of cannabis products across a variety of delivery methods for both the medical and adult use markets.