Heritage Cannabis to acquire stake in DNA-testing cannabis company Endocanna
Heritage Cannabis Holdings Corp (CSE:CANN) signed a letter of intent Wednesday to acquire 30% of Endocanna Health Inc in a $3 million deal.
Los Angeles-based Endocanna has created the Endocannabinoid DNA test that uses a saliva sample to identify an individual’s genetic variants related to cannabinoid receptors and metabolism.
That data can then be used to guide users’ strain and dosage decisions.
WATCH: Heritage Cannabis finishes large fund raise, purchases facility in Ft Erie, Ontario
As part of the deal, the companies will form a joint venture to represent the EndoDNA technology in Canada. The deal is expected to close by June 28.
“We are excited to be combining our plans for our own Extraction and Medical Sciences divisions with the technology and expertise that Endocanna brings.” Chief Science Officer Chris Spooner said. “By utilizing the science-based EndoDNA process, we will be better able to assist patients with selecting and dosing by developing formulations that address the unique pharmacogenomics of individuals.”
Heritage is a Canadian cannabis provider focused on becoming a vertically integrated company. It currently owns Voyage Cannabis Corp and CannaCure Corp, two Health Canada-approved cannabis producers.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/220324/heritage-cannabis-to-acquire-stake-in-dna-testing-cannabis-company-endocanna-220324.html
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