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Halifax-based Panag Pharma, which is making pain-relief products from natural compounds found in cannabis plants, has agreed to be bought for as much as $27 million by Ontario’s Tetra Bio-Pharma.

Based in the Ottawa suburb of Orleans, Tetra is a drug discovery company that specializes in developing treatments based on such compounds – known as cannabinoid-based drug discovery. The company, which is listed on the TSX Venture Exchange, said in a press release that the acquisition will allow Tetra to develop more natural healthcare products and sell them world wide.

The Panag Team – which is led by healthcare professionals Mary Lynch, Melanie Kelly and Orlando Hung – will continue to conduct research into cannabinoid-based treatments for Tetra, and receive extra payments for hitting specific milestones. The buyer said it believes it will gain revenues from Panag’s products by late 2019.

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