Supreme Cannabis Buys Blissco In A Deal Valued at C$48 Million

The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) is acquiring Canadian-based Blissco Cannabis Corp. (CSE: BLIS) (OTCQB: HSTRF) in an all-stock deal valued at C$48 million. Supreme would be buying all of Blissco’s stock

Blissco Cannabis is a Canadian wellness cannabis brand based in British Columbia and a multi-licensed processor, cultivator, and distributor of premium cannabis. Blissco owns and operates an 18,000 square foot, state-of-the-art extraction, processing, and cultivation facility located in Metro Vancouver, British Columbia. Blissco has supply agreements in British ColumbiaAlbertaSaskatchewan, and New Brunswick.

“Blissco has built a distinct and authentic premium wellness brand. Through our strategic partnership and prior investment in the company, we developed a deep understanding of the business and a high level of confidence in the senior management team. This transaction will allow Blissco to focus its business around the production and commercialization of cannabis oils and topicals for the premium wellness consumer,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “Blissco shares our vision, mission, and values. Through this transaction, we will combine best-in-class processes, commercialization, marketing and brand building expertise, and skilled management, ensuring we continue to achieve our vision to improve global well-being with cannabis.”

Deal Details

Each Blissco share will be exchanged for 0.24 of a common share of Supreme Cannabis.  Blissco’s CEO, Damian Kettlewell will remain at the company while benefiting from Supreme Cannabis’ expertise, infrastructure and access to capital. Mr. Kettlewell has committed to retaining at least 75% of his shares for a minimum of two years.

“Supreme Cannabis is the best positioned company in the cannabis space to help Blissco achieve its ambition of delivering innovative, quality assured full-spectrum cannabis products to the world,” said Damian Kettlewell, CEO of Blissco. “By merging with Supreme Cannabis, Blissco shareholders will benefit from the combined expertise of both companies in growing premium cannabis brands, producing and procuring high-quality inputs, commercializing new products, and ensuring regulatory compliance. Blissco shareholders will also benefit from Supreme Cannabis’ enhanced trading liquidity on the TSX and greater access to capital that will allow us to focus and accelerate Blissco’s premium wellness business.”

Supreme Cannabis’ portfolio includes 7ACRES, its wholly-owned subsidiary, and multi-award-winning brand; Cambium Plant Sciences, plant genetics, and cultivation IP company; Medigrow Lesotho, a cannabis oil producer located in southern Africa; and a brand partnership and licensing deal with Khalifa Kush Enterprises Canada.

 

The post Supreme Cannabis Buys Blissco In A Deal Valued at C$48 Million appeared first on Green Market Report.