The Toronto-headquartered Supreme Cannabis Company has entered into a definitive arrangement agreement to acquire all of the issued and outstanding common shares of Blissco that it doesn’t already own.
The new arrangement is an all-stock transaction with a total value of approximately C$48 million (US $37m).
Canadian wellness cannabis brand Blissco, based in British Columbia, is a multi-licensed processor, cultivator, and distributor of premium cannabis. It owns and operates an 18,000 square foot extraction, processing and cultivation facility located in Metro Vancouver, British Columbia.
It also supplies premium cannabis and Reserve whole flower and dried flower pre-rolls to the Canadian market with supply agreements in British Columbia, Alberta, Saskatchewan, and New Brunswick.
The company recently initiated its EU GMP certification process and has completed its first inspection by German authorities, paving the way for expansion in Europe.
“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.”
“Blissco has built a distinct and authentic premium wellness brand.”
Navdeep Dhaliwal, Supreme Cannabis (pictured)
“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.”
Under the terms of the deal, Supreme Cannabis will acquire all of the issued and outstanding Blissco shares it doesn’t already own, representing a total value of approximately C$48 million.
Each Blissco Share will be exchanged for 0.24 of a common share of Supreme Cannabis. Shareholders of both companies will benefit from the combined companies’ expanded product offerings, infrastructure and consumer reach. Through the acquisition, Blissco will join Supreme Cannabis’ exclusive portfolio of premium brands and operate as Supreme Cannabis’ health and wellness business.
Blissco’s CEO, Damian Kettlewell will continue to lead Blissco following the buyout.
Kettlewell has committed to remaining employed at Supreme Cannabis as well as retaining at least 75% of his shares for a minimum of two years.Cannabis Business Worldwide