Canadian cannabis company 48North has acquired a second licensed producer, Good & Green for $10 million.
After closing of the acquisition in an all-stock deal valued at $18 million, Alison Gordon and Jeannette VanderMarel will become co-CEOs of 48North. This will be the first Canadian cannabis company to be run by two female CEOs.
According to 48North, the result of the merger will position them to be one of the largest and lowest cost producers of dried cannabis, cannabis oil, as well as a leader in next-generation cannabis-infused products including cosmetics, topicals, beverages, and edibles.
The total expected production for 2019 will now be at least 45,000 kilograms of high-quality dried cannabis (assuming receipt of applicable regulatory approvals).
The acquisition provides an additional ~46,000-sq-ft of licensed indoor cultivation and manufacturing facility, situated on five acres of land in Brantford, Ontario.
“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.”
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