Aleafia Health completes Emblem acquisition, creates wholly owned subsidiary

Ellen Samek - thegrowthop.com Posted 6 years ago
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Aleafia Health Inc. and Emblem Corp. have announced their previously announced plan of arrangement—one the companies say will create a leading Canadian medical cannabis clinic and education centre network, scaled production capacity and a national and global distribution platform—has been completed.

As per the agreement, Aleafia Health has acquired all of the common shares of Emblem following the latter company’s amalgamation with a wholly owned subsidiary of Aleafia Health’s to form a new wholly owned subsidiary of the corporation, notes a press release from Aleafia Health, a vertically integrated cannabis health and wellness company with cannabis cultivation and products, health and wellness clinics, cannabis education and consumer experience with ecommerce, retail distribution and provincial supply.

 

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“Under the terms of the arrangement, each former Emblem shareholder is now entitled to receive 0.8377 of a common share in the capital of Aleafia Health, for each Emblem share held prior to the arrangement,” the statement explains. “It is anticipated that the Emblem shares will be delisted from the TSX Venture Exchange as of the close of trading on or about Mar. 18, 2019,” the statement adds.

“The acquisition of Emblem rapidly accelerates the execution of Aleafia Health’s strategy and positioning as a vertically integrated, diversified cannabis company with an integrated, highly differentiated consumer ecosystem,” says company CEO Geoffrey Benic. “Emblem’s product leadership in the medical and adult-use sectors and highly coveted supply agreements will perfectly complement our cannabis production and clinic operations,” Benic points out.

Concurrent with completion of the arrangement, Gary Goodyear and Dr. Michael Verbora have resigned as directors of Aleafia Health (Dr. Verbora will remain in his capacity as Aleafia’s chief medical officer), and Loreto Grimaldi and Daniel Milliard, former directors of Emblem, have been appointed to Aleafia’s Board of Directors.

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