Canada’s Supreme Cannabis has announced the closure of its acquisition of compatriot cannabis company Blissco.
Receiving a final order from the Supreme Court of British Columbia, the plan by which Supreme Cannabis is to acquire all outstanding shares of Blissco was approved. The arrangement was intended to close on July 12.
"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. "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."
A previous vote on the arrangement by Blissco shareholders passed with 99.28% in favour. Blissco shareholders will receive 0.24 Supreme Cannabis shares per Blissco share.
In its July 11 press release, the company said that the incorporation of Blissco’s wellness brand would extend its product portfolio to include CBD and THC wellness products and pre-rolls. The acquisition will also provide the company with in-house extraction capabilities thanks to Blissco's production facility in Langley, 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."