Great Slave Helicopters (Yellowknife) has entered into a non-binding letter of intent (LOI) providing for a CAD65 million Canadian dollar (USD48.3 million) acquisition of the company by FluroTech, a company linked to the commercialisation of new technologies in the cannabis industry with no commercial operations or assets other than cash.

FluroTech would acquire all of the issued and outstanding Great Slave Helicopters shares through a combination of bank and equity financing, the two companies announced in a statement.

Once the transaction is closed, FluroTech claims it “will carry on the business of GS Heli, addressing the needs of helicopter aviation in the Northwest Territories, Yukon, Saskatchewan, Alberta, and British Columbia, and focus on subsequent acquisition of businesses in the aviation and aerospace sector.”

Despite its connections to the pharma and cannabis industries, FluroTech is now looking to enter the aviation business, changing its name to Consolidated Aerospace Finance Corporation. It also expects to meet the Tier 1 listing requirements to graduate from the NEX board of Canada’s TSX stock exchange to the TSX Venture Exchange board.

Great Slave Helicopters was established in 1984. It operates a fleet of 33 single and twin-engine turbine helicopters, according to Transport Canada’s database. In 2018, it filed for bankruptcy protection under the Companies’ Creditors Arrangement Act (CCAA) through an order of the Ontario Superior Court of Justice.