TW Holdings (ASX:TWH) has completed its acquisition of 100% of the issued capital of Perth-based medical cannabis company, AusCann Group Holdings Ltd.

TW Holding will be renamed AusCann Group Holdings as part of the reverse takeover

During December 2016, the company raised the maximum $5 million under its prospectus offering issuing 25 million shares at $0.20.

TW Holding will be renamed AusCann Group Holdings Ltd (ASX:AC8) as part of the reverse takeover.

AusCann will have a focus on medical cannabis and is well positioned to take advantage of the developing market by bringing together a strong team with relevant and complementary skill sets.

The team includes the largest legal producer of medicinal cannabis in North America, Canopy Growth Corp and Chilean medicinal cannabis grower Fundación Daya.

AusCann has joined the Canopy family of companies and partners that includes Tweed (the most recognised cannabis production brand in the world), Bedrocan, DNA Genetics, Cann Science, Indoor Harvest and Corp (following its recently announced CAD$430 million acquisition by Canopy).

AusCann shares are expects to be reinstated to trading in early February 2017.