Latest News
Maricann Closes Acquisition of Swiss Cannabis Plant Producer Haxxon
Wednesday 16 May 2018

16 May 2018 - Canadian medical marijuana producer Maricann Group Inc. (CSE: MARI) (FRANKFURT: 75M) (OTCMKTS: MRRCF) has closed the acquisition of all outstanding shares of Swiss cannabis plant producer Haxxon AG, the company said.

The acquisition of Haxxon forms a critical element of the company's European expansion strategy.

When complete, the acquisition will allow Maricann to enter the Swiss market through Haxxon's production of feminised high CBD cannabis plants.

Haxxon operates within a 6,000 sq. m. (~64,500 sq. ft.) indoor facility in Regensdorf, Switzerland; an industrial suburb of Zurich, located less than 10 minutes from the airport.

Haxxon is being acquired for CHF 2m in cash and CHF 6m in common shares of the company at the 20-day VWAP ending two trading days before closing.

Maricann is a vertically integrated producer and distributor of marijuana for medical purposes.

The company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the government of Canada, and Dresden, Saxony, Germany.

Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) build out, with a designed expected capacity of producing 95,000 kg (based on conservative estimates) of dry cannabis flower per year to support existing and future patient growth.
Date Published: 16/05/2018
Target: Haxxon AG
Country: Switzerland
Deal Size: 8.20m (USD)
Sector: Agriculture/Forestry
Type: Corporate acquisition
Financing: Cash and Stock
Status: Closed
Buyer: Maricann Group