Maricann Group Inc. (CSE:MARI) (OTCMKTS:MRRCF), a vertically integrated supplier and distributor of medicinal cannabis in Canada, announced this morning that the company has completed an acquisition of Switzerland company Haxxon AG’s all outstanding shares. Maricaan has completed this transaction to continue to expand the companies portfolio to the European continent.
Haxxon was acquired for CHF 2,000,000 (~$2,580,000 CAD) in cash and 3,848,505 common shares of Maricann Group to be issued and delivered within 10 business days of closing. Maricann Group has acquired a 6,000 sq. m. (~64,500 sq. ft.) indoor facility that produced feminized high CBD cannabis plant in Regensdorf, Switzerland. The company has now now positioned itself to distribute product throughout Switzerland through Haxxon’s already developed network.
Ben Ward, CEO of Maricann, gave this statement in the press release:
“A phenomenon has occurred in Switzerland, where people are substituting or modifying tobacco consumption with low THC cannabis (less than 1% THC). We are executing our strategy with the goal of becoming a meaningful leader in this category, in Switzerland and across Europe. Normal distribution of cannabis products in retail outlets across Switzerland gives us an opportunity to bring an elevated standard of product to the market, thereby enhancing the consumer’s experience of cannabis.”