AREV Brands International Ltd (CSE:AREV) said it has completed the purchase of Bare Topicals, a brand of cannabis-based skin creams, from Alternative Extracts Inc for C$160,000 in stock.
Under the deal, AREV paid half a million of its shares at a price of C$0.32 per share, the Vancouver-based company said Friday. The Bare Topicals creams are designed as a safe alternative treatment for pain relief and skin conditions, according to AREV.
"This acquisition is another that adds to the portfolio of products AREV continues to assemble,” CEO Mike Withrow said in a statement.
He added that the company is working on obtaining licensing under Canada’s Access to Cannabis for Medical Purposes Regulations. In the meantime, AREV is preparing the Bare Topicals herbal line for production, according to Withrow.
In September, AREV completed its acquisition of cannabis strain-focused BC Bud Depot in a C$5.25 million deal.
Shares of AREV slipped C$0.02 to C$0.39 in Friday’s trading on the Canadian Securities Exchange.
Contact Dennis Fitzgerald at [email protected]