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(Photo: GIS Barbados)

Canadian company acquires Jamaican Cannabis research facility

(Photo: GIS Barbados)

A Canadian company is investing in cannabis research in Jamaica with the objective of tapping opportunities in the pharmaceutical, cosmetic and other markets.

Cannabis plants grow in the greenhouse at the MG Health Ltd. growing facility in central Lesotho, on Friday, Nov. 15, 2019.

Osoyoos Cannabis Inc. indicates that it has agreed to acquire 100 per cent of the shares of AI Pharma, the parent company that holds 100 per cent of the shares of AI Pharmaceuticals Jamaica Limited.

Osoyoos Cannabis Inc. said it has a joint-venture agreement with a private, vertically-integrated licenced producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third-party businesses.

The company, whose CEO is Graham Simmonds, is also seeking out other opportunities within the cannabis industry both in Canada and internationally.

Cannabis growing in a greenhouse (File photo)

AI Pharma, the company said is engaged in the research and development of cannabis (cannabinoids) and mushrooms (psilocin) based pharmaceutical, nutraceutical and cosmeceutical formulations and related intellectual property.

Under the terms of the Share Purchase Agreement, the company agreed to purchase from the vendors and the vendors agreed to sell to the company all of the issued and outstanding shares of the parent.

In consideration for the shares, the company agreed to pay to the vendors a purchase price of US$2,520,000, to be satisfied by issuing to the vendors an aggregate of 36,000,000 common shares of the company at a deemed price of $0.07 per share.

AI Pharma, in the notice of agreement, indicates that it is a private corporation incorporated and operating under the laws of Jamaica, 100 per cent owned by 1196691 B.C. Ltd. d/b/a “PCAI Pharma” (www.pcai.ca).

The business of AI Pharma involves science, research, treatment, data mining and artificial intelligence, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilising compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi and other psychedelic formulations.

The company is aiming to gain related medicinal global intellectual property protection, which, it was outlined, may lead to the development, testing and production of high-quality, legal, medicinal products and treatments that can be brought to market and used to treat clinical conditions and improve wellness.

AI Pharma said it is working in association with a Jamaican-based Cannabis License Authority licensed partner, whose work is at an early stage and has not yet generated revenues.