VIVO Cannabis Inc. is pleased to announce that its wholly-owned subsidiary, Harvest Medicine Inc., has completed the acquisition of Trauma Healing Centres from Organigram Holdings Inc..
THC is a multi-disciplinary clinic network that has been providing medical cannabis care and education to thousands of patients in Nova Scotia, New Brunswick and Ontario since 2014. THC specializes in patient assessment and medical cannabis prescribing and also offers patients individualized, multi-disciplinary wellness plans.
Both THC and Harvest Medicine share a deeply ingrained patient-centric approach to care. The transition of THC to Harvest Medicine offers THC the opportunity to flourish under an experienced medical management team, wholly committed to the day-to-day operation of exceptional medical cannabis clinics.
“We are pleased to see two excellent organizations join forces to offer Canadian medical cannabis patients access to outstanding care,” says Greg Engel, CEO, Organigram. “We are proud of our relationship with THC and look forward to seeing the outstanding team at Harvest take the delivery of care to the next level.”
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“THC’s reputation with the veteran community as a trusted resource and partner, and its commitment to providing exceptional patient care make it an excellent fit with Harvest Medicine,” stated Shekhar Parmar, President of HMED. “This acquisition accelerates our national expansion plans and we look forward to building on THC’s success in these markets and continuing to ensure patients have improved access to our best-in-class services.”
The transaction will see HMED acquire 100% of the issued and outstanding shares of THC from Organigram. The total purchase price for the shares will be $1,200,000, to be satisfied by the issuance of common shares in the capital of VIVO at a price per share equal to the ten trading day volume weighted average price immediately prior to the closing of the transaction.
With this acquisition HMED will add locations in Nova Scotia, New Brunswick, and Ontario to its existing network of medical cannabis clinics in Edmonton and Calgary. The transaction will also add another 4,500 patients to HMED’s existing patient base, bringing the total number of active HMED patients to above 22,000.
“Our physical locations and our soon to be released telemedicine platform, HMED Connect, complement each other to ensure enhanced seamless service, flexibility and greater scalability for HMED and its patients” said Mr. Parmar. “Our vision is to transform the medical cannabis experience for patients and physicians and be recognized as the trusted leader in medical cannabis care across the country.”
Date: October 22, 2018
Source: Yahoo Finance