Canadian Cannabis Producer Harvest One Acquires PhyoTech Therapeutics In Israel

June 26, 2018 | Harvest One Cannabis, a licensed cannabis producer from British Columbia, Canada, has announced they have signed a binding Share Sale Agreement with Australian medical cannabis company MMJ PhytoTech Limited for the purchase of PhytoTech Therapeutics in Israel. The transaction will be made in a combination of cash and shares, the company said in a press release. This means that $1 million in cash and $7 million in Harvest One shares issued at the 10-day average closing price will be paid to MMJ PhytoTech, subject to MMJ shareholder approval towards the end of August. PhytoTech, a company that was founded in 2014, has developed advanced oral delivery systems for cannabinoid-based prescription drugs and holds an exclusive global licensing agreement for a proprietary lipid nano technology with Yissum Research Development Company, the technology transfer company of the University of Hebrew University in Jerusalem.