On November 2, 2018, Invictus MD Strategies Corp. completed the purchase of LEAF WISE, a company that operates medical clinics in the province of Alberta, for a combination of cash and shares aggregating $1.25 million plus a further earn out dependant on the vendors meeting certain performance milestones and patient metrics, and a capital commitment of a further $500,000 for clinic expansion.
LEAF WISE serves approximately 3,400 patients registered under the former Access to Cannabis for Medical Purposes Regulations, now the Cannabis Regulations under the Cannabis Act. The College of Physicians and Surgeons of Alberta requires a physician who completes a patient medical document for cannabis to see the patient every three months, at minimum, following stabilization. LEAF WISE will serve as an important agent for Invictus’ medical distribution channel, helping to foster long-lasting relationships with patients, while alleviating a potential burden for Alberta’s public healthcare system.
Cassels Brock acted for Invictus with a deal team that included Stephen Selznick (Business, Intellectual Property and Cannabis) and Andrew Dilts (Business).