Canadian Cannabis Corp. signed a letter of intent to acquire 60% stake in Hemisphere Pharmaceutical Inc. for $6.2 million.
At the closing of the transaction, the current Hemisphere Pharmaceutical Officers and Directors will remain, with two of five seats on the Board of Directors of Hemisphere Pharmaceutical while Canadian Cannabis shall have three of five seats on the Board of Directors of Hemisphere Pharmaceutical. Hemisphere Pharmaceutical may propose a candidate for consideration to the Board of Directors of Canadian Cannabis. Pursuant to the terms of transaction, Canadian Cannabis expects to obtain rights to appoint three Directors to the Hemisphere Board of Directors. The transaction requires regulatory approvals, Board approvals and shareholder approvals, execution of the definitive agreement. It is also subject to third party consents, completion of due diligence investigation.