BevCanna Enterprises Inc. (CNSX:BEV) entered into a definitive agreement to acquire Embark Health Inc. for CAD 26.7 million on September 19, 2021. Pursuant to the amalgamation, BevCanna will issue to Embark Health shareholders 46.67 million shares and preferred shares of BevCanna to each Embark Shareholder which entitle the holders to receive earn-out payments of an aggregate of up to CAD 9.2 million contingent upon Embark achieving up to CAD 92.2 million EBITDA over the first three completed financial years following the closing. MMJ's investment in Embark consists of shares and warrants with a current book value of CAD 2.4 million. Upon completion of the Transaction, Embark will become a wholly-owned subsidiary of BevCanna. Completion of the Transaction remains subject to, among other things: approval of the Canadian Securities Exchange, shareholder approval by Embark; and other conditions which are customary for transactions of this nature. The transaction is expected to close by the end of 2021. Cam McTavish and Craig Hoskins of Clark Wilson LLP served as legal advisors to BevCanna Enterprises. Eric Foster of Dentons Canada LLP served as legal advisor to Embark Health

BevCanna Enterprises Inc. (CNSX:BEV) completed the acquisition of Embark Health Inc. for CAD 29.8 million on January 28, 2022. Pursuant to the transaction, BevCanna issued an aggregate of 54,926,021 common shares of BevCanna as consideration for the purchase price of CAD 21 million, plus an estimated closing working capital adjustment of CAD 3,716,705. Bruce Dawson, Marcus Richardson and Michael West joined the BevCanna team.