By Robb M. Stewart


Biopharmaceutical company Avicanna said Monday that it has struck a definitive deal to buy the medical cannabis assets of pharmacy chain Shoppers Drug Mart for roughly 2.6 million Canadian dollars ($1.9 million).

Under the agreement, Avicanna will pay Shoppers an earn-out fee based on net revenue for a period of two years. The purchase includes specific assets, inventory and equipment.

The deal is set to close July 31, Avicanna said.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

05-29-23 0806ET