U.S. tobacco supplier acquires majority stakes in PEI, Ontario pot companies

The Canadian Press
February 09, 2018
By The Canadian Press
Alliance One International
Alliance One International
CHARLOTTETOWN – A U.S. tobacco leaf merchant has acquired majority stakes in a PEI licensed medical marijuana producer and a cannabis company that is developing indoor growing operations in Ontario.

Alliance One International Inc., based in North Carolina, says its subsidiary Canadian Cultivated Products acquired a 75 per cent equity position in Charlottetown-based Canada's Island Garden last month.

The publicly held tobacco supplier says its subsidiary last month also acquired an 80 per cent stake in Goldleaf Pharm Inc., a medical marijuana license applicant which is building a roughly 1,850 square metre growing facility in Ontario.

Alliance One chief executive Pieter Sikkel says the acquisitions, for undisclosed amounts, are part of the company's efforts to branch out into higher-margin, fast-growing agricultural products such as cannabis.

It marks another move by a U.S. company to tap the Canadian cannabis industry as the country prepares to legalize marijuana for recreational use later this year.

In October, Corona-beer maker Constellation Brands inked a deal to acquire a nearly 10 per cent stake in licensed medical marijuana producer Canopy Growth Corp. for $245 million.

The Canadian Press
Grow Opportunity

Stay in-the-know on innovative ways to manage your cannabis business, and grow better. Subscribe to our weekly eNewsletter and be the first to hear what’s new in this fast growing industry.

Add comment

Security code

Subscription Centre

New Subscription
Already a Subscriber
Customer Service
View Digital Magazine Renew

Most Popular

Latest Events

Wed Jun 12, 2019
Grower Day
Tue Jun 18, 2019

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.