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Safe Supply Streaming Co Ltd. (CSE: SPLY) announced Monday it will acquire the remaining 94.31% stake in Safety Strips Tech Corp.

Under the agreement, Safety Strips shareholders will receive 1.2748 Safe Supply common shares for each Safety Strips share held, the company said. The deal will be completed through a three-cornered amalgamation under British Columbia’s business laws.

The deal comes just days after Safe Supply’s initial purchase of a 7% stake in Safety Strips, which specializes in fentanyl detection test strips and other harm reduction technologies.

“Our transaction with Safe Supply marks an exciting new chapter for Safety Strips,” Geoff Benic, CEO of Safety Strips, said in a statement. “By joining forces, we gain the opportunity to accelerate our growth and expand the reach of our innovative solutions.”

Safety Strips aims to manufacture 100 million test strips annually, targeting markets in North America and the European Union, according to the company. The firm plans to distribute its products through partnerships with universities, concerts and festivals.

Safe Supply also announced the appointment of Raf Souccar to its board of directors. Souccar, who previously served as Deputy Commissioner of Federal and International Policing in the Royal Canadian Mounted Police, brings extensive experience in drug policy and national security.

The companies are positioning themselves to capitalize on recent regulatory changes. The U.S. government has eased restrictions on fentanyl test strips, while Health Canada has been issuing licenses allowing companies to legally engage with certain controlled substances.

Bill Panagiotakopoulos, Safe Supply’s CEO, said the company plans to expand into additional harm reduction technologies, including products designed to detect drink tampering in bars.

The deal requires approval from Safety Strips shareholders and the Canadian Securities Exchange. It is expected to close shortly after receiving the approvals, the company said.