Will CMM be next? MT TO ACQUIRE BODYSTREAM C. CLINIC NETWORKWILL CMM BE THE NEXT TAKEOVER TARGET? Bodystream is way smaler than CMM. The Deal is valued at about $4 Mio. ( Cash and MT Shares).
Bodystream only running at 6000 Patients, while CMM will report about 15k Patients end of 2016. Plus CMM Partnership with Cilomed announced back in 2016 will boost patient base by
additional 20k.
Will APH buy out CMM in total after MT is taking the lead?
Mettrum Health Corp (C:MT)
Shares Issued 47,592,491
Last Close 1/10/2017 $6.69
Tuesday January 10 2017 - News Release
Mr. Michael Haines reports
METTRUM HEALTH CORP. TO ACQUIRE BODYSTREAM CANNABIS CLINIC NETWORK
Mettrum Health Corp. has acquired all of the outstanding shares of 2344823 Ontario Inc., doing business as Bodystream, a leading network of medical cannabis clinics with 14 current locations across Ontario.
Under the terms of the Transaction, Mettrum paid $1 million in cash and issued 451,596 Mettrum shares from treasury to the current shareholders of Bodystream. These shares are subject to a four-month hold and the Corporation is required to inform the TSX Venture Exchange (the "Exchange") of the Transaction. In addition, Mettrum will issue up to a maximum of 1,505,322 additional shares, over the next three to five years based on Bodystream achieving certain operational milestones.
"We have been working closely with Bodystream for the past two years and they have demonstrated an ability to scale rapidly while maintaining a high level of professional service," said Michael Haines, CEO of Mettrum. "With so many Canadians entering the ACMPR system on a monthly basis and medical cannabis gaining traction as a viable therapeutic option for a variety of symptoms, the time to expand this aspect of our business is now." As previously announced, the Corporation acquired Apollo Applied Research Inc. ("Apollo"), a referral-focused cannabis research clinic based in the Greater Toronto Area. The acquisition of Bodystream complements the Apollo acquisition and expands the reach of the Corporation's clinic network across Ontario, with the opportunity to expand beyond.
"Our mission at Bodystream is to apply cannabis-based therapies that can effectively treat our patients' symptoms," said Brian Warner, President of Bodystream. "Mettrum's physician-centric approach, and commitment to research resonates with our physicians and patients. We look forward to growing with Mettrum and working to develop a variety of services and products that will help improve the quality of life for patients."
Bodystream has operated since 2014 and since then, has earned the trust of an active patient base of approximately 6,000 people.
The Bodystream leadership team will remain on board and will continue operating the business independently as a wholly-owned subsidiary of the Corporation.
Under the terms of the Apollo transaction (which closed on November 15, 2016), in addition to consideration paid by Mettrum on closing, Mettrum agreed to issue up to a maximum of 1,558,752 additional shares, over three to five years, based on Apollo achieving certain operational milestones.
About Mettrum Health Corp
Mettrum Ltd., a wholly owned subsidiary of the Corporation, is a Toronto-based company and a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada) (the "ACMPR"), which came into effect on August 24, 2016. Mettrum received its first license from Health Canada under the Marihuana for Medical Purposes Regulations (the "MMPR") on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario.
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