Khiron Life Sciences Corp. has entered into a non-binding letter of agreement to acquire 100% of the outstanding securities of Canapalife and 100% of the economic interest in Campodoro ("Canapalife Group") from Alvaro Garro and Paolo Puggioni.
Khiron Life Sciences Corp is a medical cannabis company with its core operations in Latin America and its hq in Canada. Canapalife is a hemp product company based in Italy with licenses for the cultivation, research, production and marketing of hemp-based products. Canapalife operates a cultivation site in Padua, near Venice, Italy, conducts research in partnership with prominent universities and has registered three CBD consumer brands.
Italy represents the fourth largest economy in Europe, and is the second largest cannabis market in Europe, with a projected medical cannabis market value of € 7.5 Billion in 2028 (Source: Prohibition Partners – The European Cannabis Report, January 2019).
Upon completion of the acquisition of Canapalife Group, it is anticipated that each of Mr. Garro and Mr. Puggioni, the sole shareholders of Canapalife Group, will continue on as key employees with Khiron. Closing of the transaction is anticipated to be the end of Q2.
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