The Supreme Court of British Columbia has issued a final order approving the acquisition of Blissco by Supreme Cannabis.
Having received the Final Order, Supreme Cannabis and Blissco intend to close the Arrangement on July 12, 2019.
The arrangement is an all-stock transaction with a total value of approximately C$48 million (US $37m).
Each Blissco Shareholder will receive 0.24 of a common share of Supreme Cannabis for each Blissco common share held.
“With the closing of this acquisition, Supreme Cannabis will expand its portfolio to include a consumer focused brand that specializes in products for the premium global wellness category,” said Navdeep Dhaliwal, CEO of Supreme Cannabis (pictured). “In addition to gaining an established wellness brand, Supreme Cannabis will acquire Blissco’s facility built to EU GMP standards that has been extracting oils for the Canadian market since August 2018.
“Blissco’s scaled capabilities allow for Supreme Cannabis’ high-quality inputs to be processed in-house, creating a near-term large-scale extraction opportunity to serve multiple brands under the Supreme Cannabis umbrella. As we integrate Blissco’s operations, we continue to identify strong synergies between our businesses to create long term value.”
“Blissco’s scaled capabilities allow for Supreme Cannabis’ high-quality inputs to be processed in-house, creating a near-term large-scale extraction opportunity to serve multiple brands under the Supreme Cannabis umbrella.”
Navdeep Dhaliwal, Supreme Cannabis
Blissco Cannabis Corp. is a Canadian wellness cannabis brand based in British Columbia and a multi-licensed processor and distributor of premium cannabis. Blissco owns and operates an 18,000 square foot, state-of-the-art extraction and processing facility located in Metro Vancouver, British Columbia.
“Operating as Supreme Cannabis’ wellness brand will allow Blissco to focus its operations and effectively pursue opportunities in the premium wellness space,” said Damian Kettlewell, CEO of Blissco. “We look forward to working with Supreme Cannabis’ management team and benefitting from the Company’s shared corporate services model, including best-in-class processes, commercialization experience, regulatory, marketing and brand building expertise.”
Blissco’s production facility in Langley, British Columbia has been producing cannabis oils and pre-rolls since receiving its cultivation, cannabis sales and oil production licenses in 2018.
The facility houses a state-of-the-art cannabis oil extraction lab with a CO2 extractor capable of producing full spectrum oil.
Planned additions to the Facility include the installation of an ethanol extractor that will serve the increasing demand for full spectrum CBD and THC derivative products. By the end of 2019, it is expected that the Facility will have the capacity to produce over 7,000,000 tincture bottles annually.
Supreme Cannabis says it intends to “streamline Blissco’s production operations” to create a “highly focused facility dedicated to cannabis extraction and the creation of extract-derived products”.
As such, Supreme Cannabis intends to decommission all cultivation activity at Blissco and redirect that space for extraction and product manufacturing.
With Blissco’s operational re-focusing and integration, Supreme Cannabis will identify select opportunities to supply Blissco with premium inputs from its wholly-owned licensed producer, 7ACRES.Cannabis Business Worldwide