When an Australian licensed producer, supplier and exporter of pharmaceutical-grade medicinal cannabis sought to expand its presence in emerging cannabis markets, it identified Canada as a logical next step.
After the Australian company narrowed its search to a single acquisition target, the founders of the target company turned to Ally Law’s Toronto member firm Torkin Manes to help negotiate and close the transaction,
Hunter Forman, a lawyer in Torkin Manes’ business law and cannabis law groups, reached out to his colleagues at Russell Kennedy (Melbourne and Sydney) for assistance with the Australian aspects of the transaction. Led by principal Andrew Parlour and special counsel Rory Maguire, the Russell Kennedy team helped the Canadian target company negotiate a complex suite of cross-border acquisition documentation and ensure regulatory and shareholder approval requirements.
The team also provided advice on Australian regulatory requirements. The transaction closed successfully in mid-October 2019.
The acquisition was a natural fit for the Australian company, noted Rory Maguire, adding, “As a market leader in the extraction and manufacturing of cannabis-infused products, this acquisition offered significant opportunities into the Canadian market, in particular given the new Canadian cannabis regulations.”
Regarding the work between Torkin Manes and his firm, Andrew Parlour said, “This is a great example of Ally Law members working together.”