Supreme Cannabis Company Inc (OTCMKTS:SPRWF) has signed a definitive agreement with BlissCo Cannabis Corp (OTCMKTS:HSTRF) under which the former will acquire BlissCo’s issued and outstanding stock that they don’t already own from their prior investment in the wellness cannabis-based company. The all-stock transaction is estimated at C$48 million. A single BlissCo share was exchanged at 0.24 of Supreme Cannabis common share.
Supreme Cannabis secured the goodwill of about 52% of BlissCo’s shareholders including that of Damian Kettlewell- CEO. As such, BlissCo’s shareholders will participate actively in the running of the merger alongside their Supreme Cannabis counterparts. Kettlewell expressed solid confidence in Supreme Cannabis’ capacity to drive BlissCo towards developing innovative and high quality cannabis products.
Among the benefits of the acquisition is a combined pool of expertise in management, cannabis production, procuring of high-grade inputs and commercializing of cannabis products among others. The resultant management team will ensure that the combined companies comply with industry regulations. The acquisition will also ensure that BlissCo shareholders get heightened liquidity for their shares on TSX. Through the merger the company will be able to access capital with relative ease now that it is under the high-valued Supreme Cannabis portfolio.
Supreme Cannabis’ Chief Executive Officer, Navdeep Dhaliwal in his comments about the merger said that “This transaction will allow Blissco to focus its business around the production and commercialization of cannabis oils and topicals for the premium wellness consumer.” Dhaliwal said that the decision to acquire Blissco was informed by their prior interaction with the company, first as a strategic partner and through their previous investment in the company.
The CEO further added that Blissco shared Supreme Cannabis’ vision and mission factors that will influence a seamless integration. Dhaliwal was keen to confirm that the two companies will combine critical expertise in commercialization, skilled management, and marketing and brand development that will help them achieve their common goals. With combined facilities and expertise, the two companies are rightly positioned to take over Canada’s wellness cannabis market by storm.
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