Canada: Medican moves toward closing purchase of 51% of International Herbs Medical Marijuana Ltd.
IHMML is a Canadian company that has applied for a commercial medical marijuana license under the recently established Canadian Marihuana for Medical Purposes Regulations (MMPR). The MMPR came into effect on April 1, 2014 and is a federal program that legalizes the commercial production of medical marijuana for medical use. IHMML is currently owned by Zenabis Limited Partnership, a Canadian partnership owned by affiliates of International Herbs Ltd. (IHL), a leader in the production of fresh herbs and speciality produce in Canada, and The Monark Group (Monark). The IHL and Monark teams are integral to establishing IHMML’s contemplated business, namely, to acquire certain lands, retrofit and/or build a marijuana growing operation and engage in the growing, research and development, training, distribution and retail sale of medical marijuana in Canada as regulated by Health Canada.
Medican continues to work with Ellenoff Grossman & Schole LLP (New York based securities law firm) to consummate the relevant agreements with the Zenabis Limited Partnership and IHMML. We anticipate that the completion of the Master Structuring Agreement will be consummated by September 30, 2014.
“We continue to move toward closing our transaction with IHMML. Given the cross-border nature of the transaction, legal, corporate governance and various tax issues required the use of various professionals,” said Ken Williams, Medican’s CEO. “We look forward to finalizing this transaction in an expeditious manner and are excited about the market opportunity in Canada.”
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Medican Enterprises Inc.
Ken Williams, CEO