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
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