Cannara Biotech has announced the closing of a transaction to acquire all of the shares of Medican Organic Inc., a wholly owned subsidiary of BZAM Ltd., for an aggregate purchase price of $2.8 million.
This acquisition completes Cannara's prior acquisition of its Valleyfield cultivation and manufacturing facility, purchased from Medican on June 8, 2021. The acquisition was completed following Medican's exit from proceedings under the Companies' Creditors Arrangement Act (CCAA) involving Medican's parent company. Since the initial transaction in 2021, Medican has continued to refine its operating procedures, cultivation practices and post-harvest know-how, including unique extract manufacturing processes, providing Cannara with incremental operational expertise to support its continued growth.
Cannara also announced that Nicholas Sosiak has been appointed Chief Operating Officer, effective April 23, 2026. Mr. Sosiak, who has served as the Company's Chief Financial Officer since 2020, will transition fully into his new operational role while Cannara conducts a search for his successor as CFO.
"Nicholas has been an integral part of Cannara's growth and financial foundation. His deep understanding of cannabis, our products, and ultimately our business, combined with a proven track record of execution, makes him the ideal leader to take on this new role," said Zohar Krivorot, Founder and Chief Executive Officer. "We are confident this transition positions Cannara well as we continue to execute on our strategic plan."
The Company has initiated a search for a new Chief Financial Officer, including both internal and external candidates. Mr. Sosiak will continue to act as the Company's interim CFO throughout the search and will work closely with his successor to ensure a seamless transition of CFO responsibilities.
For more information:
Cannara Biotech
www.cannara.ca
