Avicanna Inc. has acquired a controlling interest in Santa Marta Golden Hemp S.A.S., which has been issued medical cannabis licenses in Colombia.

The Toronto-based Avicanna now has a 60% stake in the firm, with Colombian agricultural company Grupo Daabon maintaining the minority stake. Both Santa Marta Golden Hemp and Grupo Daabon are headquartered in Santa Marta on Colombia’s Caribbean coast.

“Daabon has also committed to lead Avicanna’s IPO financing and subscribe for up to 20% of the offering,” said Avicanna in a statement.

“This acquisition represents a significant milestone for the cannabis industry, being the first in which a major multinational agricultural corporation has taken a position in a joint venture of this nature,” added the firm.

“Daabon and Avicanna will be combining resources and expertise including Avicanna’s leadership in research and biotechnological developments in the cannabinoid sector and Daabon’s global leadership within the agricultural industry of industrial scale organic cultivation, processing and distribution.”