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Ontario and Munich based cannabis producer Maricann Group (CSE:MARI) will buy all outstanding shares of Haxxon AG for over US$ 8 million, a quarter in cash and the rest in stock. The deal is targeted to close by March 30, 2018.

Haxxon is based near Zurich, Switzerland. It operates a 1.4 acre facility where it grows female hemp cannabis flowers with less than 1% THC for the European market. They currently produce 2,210 kg of flower, costing roughly US$ 650/kg, and selling for roughly US$ 2,600 to 3,500.  Higher prices are paid for less THC.

The purchase lets Maricann produce and finish, in Switzerland, cannabis flowers yielding cannabis vape cartridges, cannabis pre-roll cigarettes without tobacco, and CBD-finished dose pharmaceuticals, including VesiSorb capsules.

Maricann is a vertically integrated producer and distributor of medical cannabis. The company has production facilities in Langton, Ontario and Dresden, Germany.

Maricann is expanding its cultivation facilities in Canada in a 21-acre build out, capable of producing 95,000 kg of dry flower per year