Australia's THC Group To Acquire Tetra Health For $3M

Sydney, Australia-based medicinal cannabis producer THC Group Inc. THC has purchased marijuana clinic operator Tetra Health,

According to Business News Australia, the $3 million acquisition means THC will be able to access the network of Australia's dispensing pharmacies and the Tetra's net of medical practitioners, including 630 physicians.

Alongside Tetra's 1,100 active Australian patients and 10,000 prospective patients, this deal provides the company with access to new patients asking for medicinal cannabis, said THC Global CEO Ken Charteris in the Tuesday story.

"Going forward, we will look to further broaden the current network and potentially expand across the Tasman and other regions," Charteris added.

Some 83% of THC shares will be issued to Meta Growth Corp META, a Canadian pharmaceutical company operating as a recreational cannabis retailer, and Barcoo Holdings, which currently owns Tetra Health.

An additional $500,000 will be paid in cash, post-acquisition.

Tetra is not going to change the nature of its work, according to THC, and remain "product-agnostic" oriented.

Its doctors will continue to prescribe products from  ASX-listed cannabis companies such as Althea AGH, MGC Pharma MXC, Medlab MDC, and Little Green Pharma LGP.

"Through the acquisition of Tetra, THC is advancing the industry across the chain, enabling the Company to increase accessibility and reduce costs of medicinal cannabis medicines to Australian patients, by cutting out intermediary markups and handling costs," said THC.

The company also announced the launching of its Canndeo line of medicine in the weeks to come.