The Canadian Bioceutical Corporation (TSXV:BCC) entered into a letter of intent to acquire Medical Cannabis Management Group from Elizabeth and Jack Stavola for $25 million on January 22, 2016. The definitive agreement was signed on April 21, 2016. The Canadian Bioceutical will pay $15 million at closing subject to adjustments and a promissory note in the amount of $10 million. The Canadian Bioceutical Corporation has engaged a European-based capital advisory group to work with The Canadian Bioceutical Corporation in arranging financing for up to $30 million to complete the purchase and provide for expansion capital as well as general working capital. As of April 4, 2016, The Canadian Bioceutical Corporation announced that is had raised an initial $0.07 million against an offering of up to $0.15 million in convertible debentures. The transaction is subject to approval of Board of Directors of The Canadian Bioceutical Corporation, closing documentation, securing adequate purchase price financing, and all necessary regulatory approvals and expected to close by May 15, 2016. As on May 17, 2016, the transaction closing date was extended to June 15, 2016. As on June 14, 2016, the transaction closing date was extended to July 15, 2016. The Canadian Bioceutical Corporation (TSXV:BCC) completed the acquisition of Medical Cannabis Management Group from Elizabeth and Jack Stavola on January 19, 2017.