Ottawa-based National Access Cannabis has acquired Cannabis Care Group, expanding its reach into the medical pot market and adding 40 Canadian pharmacies to its service channels.
The firm announced this week that it had acquired a 51 per cent stake in the pharmacy-focused cannabis service firm, which will be renamed National Access Cannabis Medical.
The acquisition, paid out through shares of NAC, is valued at $4 million. The deal holds provisions for an extra $6 million in allotted shares, should NACM reach certain milestones such as adding a number of new pharmacies to its service.
NAC seeks to provide clarity to medical cannabis users in Canada on the avenues available to obtain a prescription for the drug. Expanding into pharmacies, where Cannabis Care has several pre-existing service agreements, provides a new avenue for NAC to deliver cannabis to patients, especially in provincial jurisdictions that allow for on-site dispensaries.
"Broadening our addressable market to include Canadian pharmacies, on top of our growing recreational presence, allows NAC to operate in provinces that we would not otherwise have access to,” said NAC chief executive Mark Goliger in a statement.
NAC recently closed a $6 million funding round as the firm prepares for Canada’s legal recreational market this summer. Goliger told OBJ in January that the NAC is putting plans in place to retail refined cannabis products, largely in Canada’s western provinces.