Khiron Buys Italian Firm Canaplife

The overall economic notes are becoming sourer with each passing day, but some intrepid firms in Canada are still taking advantage of opportunities to expand their businesses, even buying foreign firms.

Thursday, Toronto-based Khiron Life Sciences Corp.(TSX-Venture:KHRN) forged a non-binding letter of agreement to acquire 100% of the outstanding securities of Canapalife S.r.l. and 100% of the economic interest in Campodoro S.r.l.

Khiron is a medical cannabis company with its core operations in Latin America. Canapalife is a prominent hemp product company based in Italy. Canapalife operates a cultivation site in Padua, near Venice, Italy, conducts research in partnership with prominent universities and has registered three CBD consumer brands.

Khiron CEO Alvaro Torres said, "The proposed transaction offers Khiron an entry to the European market and expansion of our global footprint.

"In addition to increasing our multi-jurisdiction cultivation and production capacity, Canapalife offers the addition of dynamic brands to our product portfolio, access to key retailer partners and relationships with Italy's leading research facilities."

Khiron shares rose 11 cents, or 3.6%, to $3.18, on heavy volume of 1.1 million shares.