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Cannara Biotech buys TGOD’s Valleyfield indoor facility for $27M

Montreal-based cannabis producer, Cannara BioTech Inc., is looking to purchase one of the largest indoor cannabis cultivation facilities in Canada.

Cannara announced on June 10 that it plans to acquire The Green Organic Dutchman (TGOD)’s newly-built, one million square foot facility in Valleyfield, Que. The $27-million deal includes state-of-the-art infrastructure comprised of 24 independent growing zones, 200,000 sq. ft rooftop greenhouse and a 200,000 sq.ft cannabis 2.0 processing centre. Its annual production capacity can reach up to 125,000 kilograms of cannabis.

“With this acquisition, Cannara continues to increase its footprint and create more jobs in its home province of Quebec,” said Zohar Krivorot, president and chief of Cannara Biotech. “Today’s announcement reinforces our position as one of Canada’s top leading producer of premium-grade cannabis and cannabis derivative products.”

The transaction is expected to close on June 20. BMO Capital Markets acted as exclusive financial advisor to TGOD.