Ann: Zelda to merge with US-based Ilera Therapeutics, page-197

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EUROCANN IS AN EARLY MOVER IN THE GERMAN MARKET BACKED BY SEASONED EXECUTIVES IN THE GLOBAL CANNABIS SECTOR

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European Cannabis Corporation Ltd (“Eurocann&rdquo is an Australian, unlisted public company with extensive connections into the global medical cannabis sector. It owns 100% of the HAPA Group in Germany that was established by a group of seasoned German executives specifically to take advantage of the 2017 changes in German legislation allowing for medicinal cannabis to become available to patients.

HAPA is an early mover in this market and is rapidly building a vertically integrated business where it has activities across the spectrum from cultivation, manufacturing and distribution of its medical products (both CBD-only as well as those containing THC). It also conducts medical outreach/education programmes to physicians and patients as well as certain clinical trial activities.

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TerrAscend has agreed to acquire 100% of the equity of Ilera for total consideration of between US$125-$225 million, paid in a combination of cash and TerrAscend shares. On closing, TerrAscend will pay to the sellers US$25 million in cash, subject to customary closing adjustments, and an additional US$25 million worth of proportionate voting shares in the equity of TerrAscend equivalent to approximately 5,059.102 proportionate voting shares (which are each exchangeable for 1,000 TerrAscend common shares, being issued at an issuance price of US$ 4.94 per share, based on the 45 day volume-weighted average trading price of TerrAscend's common shares as of Monday, July 29, 2019 of C$6.5307 and an exchange rate of C$1.3216 per US$1.00). Additional cash consideration of up to US$175 million2 in aggregate may be paid to the sellers based on Ilera achieving certain specified revenue and profitability targets, with staged payments being made in 2020 and 2021. The transaction is expected to close in the 4th quarter of 2019, subject to regulatory approvals by the Pennsylvania Department of Health as well as certain customary closing conditions.


The above is from Two press releases.

So TerrAscend took over Ilera Healthcare with a small amount of cash, large amount of shares. Zelda takes Ilera Theraputics with Shares. Harry Karalis's Merchant Group, lists Eurocann on UK market. Eurocann owns Hapa medical. Merchant also owns 11% Auscan and 4% Zelda. Harry is also on the Zelda board. So in one way or another these groups have links throughout the UK, Europe, Australia, Canada and the US. They have Cultivation, Processing, Development, Pre-Clinical, Trialling and Distribution everywhere except Asia and South America.

Is this what Big Pharma Cannabis looks like?

Richard has said he will have product in Market by 2020. Looks like a decent sized market.