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An Australian medical marijuana company is acquiring Nova Scotia-based Mernova Medicinal for 10.1 million Canadian dollars ($8.1 million) in the latest example of foreign interest in Canada’s booming MMJ market and next summer’s anticipated recreational cannabis rollout.
After the cash-and-equity deal is completed, Creso Pharma will be the only Australian-based cannabis firm with direct exposure to the world’s largest legal MMJ market.
Mernova, a privately held Canadian company, has applied for an MMJ cultivation license that it expects to receive “in the coming months,” according to a Creso Pharma news release. Once it has the license, Mernova