Aphria Inc. (OTC: APHQF) announced on May 28th that the company has entered into multiple agreements that resulted in a joint venture with Cannivest Africa Ltd. and Verve Group of Companies (VGC).
Aphria has agreed to acquire a 50% ownership stake in Cannivest and Cannivest will acquire 60% of VGC. The payment terms were a combination of share-for-share swap and cash payment of an estimated $3,145,215 USD.
Aphria intends to make Verve a supplier that supplies a low-cost, but high-grade, range of cannabis isolates for African recreational and medical cannabis markets. These isolates from Verve will also have distribution across the globe through Aphria’s international distribution network.