Expanding its medical cannabis footprint to a larger audience, Emblem Corp. (TSXV: EMC; OTCQX: EMMBF) has now made a series of cannabis oil products available through pharmacy giant Shoppers Drug Mart (TSE: SC).
Emblem Corp-branded oils can now be found through the Shoppers Drug Mart online portal for medical cannabis patients via the subsidiary brand Emblem Cannabis Corporation.
The news arrives just under a month after Emblem originally announced the launch of a new line of pre-dosed oil capsules in a variety of THC and CBD formulations for pain and anxiety management.
Shoppers Drug Mart â€“ the largest pharmacy chain across Canada with more than 1,300 locations â€“ announced its intention to enter the cannabis arena in late September of 2018, citing the importance of pharmacists dispensing medical cannabis to patients.
Emblem Corp. Chief Executive Officer Nick Dean had this to say about the distribution deal in a press release to company investors:
Emblem currently cultivates cannabis derivatives such as oils at a facility in Paris, Ontario and recently announced a merger with Aleafia Health Inc. (TSXV: ALEF).
Under the terms of that pending deal, which was unanimously approved by the Emblem board, Aleafia will acquire all outstanding shares of Emblem for just over $173 million.
That price sees Aleafia paying 27% over the closing price of Emblem at the times of the arrangementâ€™s announcement to shareholders.
The deal further provides Emblem the ability to put two of its own special committee members on the Aleafia board of directors.
The company will hold a special meeting on March 9 to confirm the deal by shareholder approval.
As with most Canadian cannabis companies in the months following recreational legalization thanks to the Cannabis Act, Emblem reported a large revenue increase in 2018.
The companyâ€™s latest revenue filings cite $2.3 million earned, which represents more than a 280% increase over the previous year.