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American Tobacco Supplier Acquires Stakes in Canadian Cannabis

Stockhouse.com

Friday 09 Feb 2018

American tobacco supplier Alliance One International Inc. (NYSE: AOI) gained majority stakes in two Canadian cannabis companies.

The Company’s subsidiary, Canadian Cultivated Products acquired a 75% equity position in licensed medical marijuana producer Canada’s Island Garden. CIG has an 1,850 sq. metre indoor facility in Charlottetown, PEI and the Company plans to add an additional 23,225 square metres of greenhouse space at the site. It is one of only 35 companies that is fully licensed to produce and sell medicinal cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPR) in Canada.

CIG sells their products directly to patients and through distributors. In January, it signed a Memorandum of Understanding with PEI to be one of three suppliers for the province’s recreational cannabis market expected to open by July 2018.

Canadian Cultivated Products also acquired an 80% share of Goldleaf Pharm Inc. The medical marijuana late-stage applicant is building an 1,850 sq. metre indoor growing facility in Ontario. This facility is getting a 65,900 sq. metre expansion through this acquisition.

The two acquisitions were for undisclosed amounts. Alliance One CEO Pieter Sikkel explains that the moves are part of AOI’s strategy to branch into the higher-margin, fast-growing cannabis space.

http://www.stockhouse.com/news/newswire/2018/02/09/american-tobacco-supplier-acquires-stakes-canadian-cannabis#S0YG0WqORZydvvz3.99

 

 

 

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