Toronto’s 48North to make $18M acquisition
Toronto-based cannabis company 48North Cannabis Corp. will acquire federally licensed organic cannabis company 2599708 Ontario Inc. (Good & Green).
The $18-million deal means 48North has acquired a second Licensed Producer and will bring 2019 production numbers to at least 45,000 kg of dried cannabis, the company stated in a release.
"We are excited to acquire Good & Green, a company that shares our corporate values, strong management, and commitment to financial discipline," said Alison Gordon, chief executive officer of 48North. "With now two licensed facilities, we are optimally positioned for the next phase of cannabis legalization with extensive cultivation experience in large-scale, low-cost production."
Good & Green's cultivation and production facilities include an approximately 46,000 square foot indoor facility situated on five-acres of commercial land in Brantford, Ont., as well as a 100-acre farm in southwest Ontario. This production footprint includes 48North's existing 2019 indoor expected production of 2,500 kilograms from DelShen Therapeutics Corp., the company's existing wholly-owned Licensed Producer.
"48North continues to be a leader in developing cannabis brands and products with a future-focus that looks beyond flower and oil," said Jeannette VanderMarel, co-founder and president of Good & Green. "We look forward to adding our expertise and significant low-cost organic production profile to further develop this dynamic and innovative vertically-integrated cannabis company."
"We are pleased to be combining forces with 48North, a company that shares our commitment to the highest environmental, social and governance standards, to developing high-quality and consistent products and to achieving best-in-class financial performance," said Daniel Goldberg, co-founder and chief executive officer of Good & Green.
After the acquisition closes, Alison Gordon and Jeannette VanderMarel will become co-CEOs of 48North. Ms. VanderMarel will also join 48North’s Board of Directors. Daniel Goldberg will become senior advisor of 48North and will focus on strategy, business and corporate development, strategic partnerships, communications, as well as investor and government relations.
The acquisition is expected to close on or before Nov. 30, 2018 and is subject to, among other conditions, TSX Venture Exchange approval.
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