A Toronto-based pharma company was halted today prior to its announcement that it has entered into a definitive acquisition agreement with Canapar Corp. for a total approximate purchase of $26.2 million. According to the release, Based in Italy, Canapar is positioned to become one of Europe's largest vertically integrated cannabis companies.
Canapar's state-of-the-art extraction facility is the largest in Europe and has been custom designed to produce active compounds to be used in high-quality pharmaceutical, wellness and cosmetic products from its 1,000-hectare organic hemp production and processing platform. Shares of RAMM Pharma Corp. (CSE:RAMM) rallied on the news.
RAMM is primarily engaged in the pharmaceutical and medical product business, including cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-based products. The group generates revenue primarily from the sale of medical devices and consumables, sale of pharmaceutical products, and sale of cosmetics. Geographically, it derives a majority of revenue from Uruguay.
Traders were optimistic on the news as shares climbed up to $1.00/share (+8.70%) following the announcement. This move is a strong continuation of the success this stock has had over the last six months.
