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Loblaw investing $75 million for minority stake in telemedicine firm Maple

Shoppers Drug Mart in B.C. has been working with Maple
The Canadian Press
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Galen G. Weston CEO, chairman and president of Loblaw Companies Limited speaks during the company’s annual general meeting in Toronto on Thursday, May 3, 2018. Loblaw Companies Ltd. has signed a deal to buy a minority stake in telemedicine company Maple Corp. for $75 million. THE CANADIAN PRESS/Nathan Denette

TORONTO — Loblaw Companies Ltd. has signed a deal to buy a minority stake in telemedicine company Maple Corp. for $75 million.

The company says the investment will be made through its Shoppers Drug Mart Inc. subsidiary.

Maple helps people connect with doctors and medical specialists using a smartphone or computer and also provides technology for employers, insurers, hospitals and clinics.

Loblaw says Shoppers Drug Mart has been working with Maple and its virtual care is available in more than 160 Shoppers Drug Mart locations in B.C.

The two companies also worked together early in the pandemic to help enable virtual care visits.

Shoppers Drug Mart has almost 1,300 stores under its Shoppers Drug Mart and Pharmaprix banners.

This report by The Canadian Press was first published Sept. 15, 2020.