Eden Empire has agreed to buy seven private non-medical cannabis retail stores in the Canadian province of British Columbia.

The retail stores are yet to be licensed by Liquor and Cannabis Regulation Branch of British Columbia (LCRB).

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The acquisition has been reached via a series of share purchase transactions and is subject to the approval of LCRB.

“The offering and the acquisition is expected to provide Eden with a greater presence in the retail cannabis space in British Columbia.”

The company also announced that it has raised nearly $4.9m in convertible debentures as part of Eden’s $7m private placement offering.

In the event of the closing of a liquidity event, the debentures are automatically converted into Eden common shares priced at $0.30 per share for a period of one and a half years. The company expects to raise nearly $7m in total.

The company plans to use the proceeds to finance the purchase of retail stores in British Columbia, as well as for the modernisation of stores, strategic acquisitions and general working capital purposes.

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Eden said: “The offering and the acquisition is expected to provide Eden with a greater presence in the retail cannabis space in British Columbia, and its expected reporting issuer status is expected to provide the company with greater access to capital markets so as to be in a better position to obtain the financing required to undertake the company’s business objectives and improve liquidity for the security holders of Eden.”