Canadian marijuana cultivator Flower One Holdings agreed to buy a Nevada hashish cultivation enterprise for $27 million, increasing the Toronto-based firm’s footprint within the Silver State’s quickly rising MJ business.
With the acquisition of 100% of Las Vegas-based NLV Organics, Flower One (Canadian Securities Exchange: FONE) good points a 25,000-square-foot cultivation and manufacturing facility in North Las Vegas, together with 9 develop rooms able to harvesting four,500 crops in a single cycle, based on a information launch.
Flower One can pay NLV Organics a mixture of money, a vendor word and shares of Flower One inventory.
Here’s what that you must know:
- The deal provides Flower One 5 further hashish enterprise licenses in Nevada, bringing its complete to 9 permits for each leisure and medical marijuana cultivation and manufacturing. NLV Organics additionally has a pending distribution license.
- NLV Organics claims to have enterprise relationships with roughly 30 retail shops in Nevada.
- Flower One additionally bought NLV Organics’ full genetic stock and entry to greater than 50 strains, which the corporate says will probably be important to onboarding crops into its greater than 400,000-square-foot cultivation facility.
- The deal is the newest in a string of acquisitions of U.S. marijuana corporations by Canadian companies.