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Maricann Group Inc. (OTCQB: MRRCF) announced on May 16th that the company has entered into a non-binding agreement to fully acquire all issued and outstanding shares of Medican Holdings Ltd.  Medican is one of the six approved companies in the small island country of Malta that will receive a multi-use cannabis license.

The license that Medican will receive in the near-future will allow the company to legally distribute cannabis, import and export cannabis, and manufacture cannabis products in Malta.  

Medican expects to work with Maricann to refine Maricann’s raw materials and extracts into a highly pure product.  Maricann will then take the refined distillates and manufacture them into products with a measurable dosage using its VesiSorb delivery technology.  

The VesiSorb delivery technology includes drug delivery through a water soluble powder, topical lotion, sprays, and liquid or gel capsules.

MRRCF stock did not have any noticeable increase or decrease due to this news on the 16th.