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Tweed Marijuana Inc. is moving quickly to become its industry’s consolidator. The Smiths Falls company said Thursday it had acquired a potential rival – Prime 1 Construction Services Corp. of Niagara-on-the-Lake – for as much as $3.7 million in cash and 519,000 shares (roughly $1.5 million at Thursday’s price) if Prime 1 achieves certain business objectives.
Prime 1 is currently applying for a licence to produce medical marijuana under new regulations that went into effect on April. Assuming Health Canada eventually grants the license, Tweed would have substantially more capacity – Prime 1 has 350,000 square feet of greenhouse growing area compared with Tweed’s existing capacity of 168,000 square feet.
Tweed said that with its purchase of Prime 1 it hopes to become the first “multi-location, multi-licensed” medical marijuana operation in the country. The acquisition comes hard on the heels of Tweed’s initial public offering and a subsequent secondary offering that raised $15 million on the TSX Venture Exchange.
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Prime 1 is currently applying for a licence to produce medical marijuana under new regulations that went into effect on April. Assuming Health Canada eventually grants the license, Tweed would have substantially more capacity – Prime 1 has 350,000 square feet of greenhouse growing area compared with Tweed’s existing capacity of 168,000 square feet.
Tweed said that with its purchase of Prime 1 it hopes to become the first “multi-location, multi-licensed” medical marijuana operation in the country. The acquisition comes hard on the heels of Tweed’s initial public offering and a subsequent secondary offering that raised $15 million on the TSX Venture Exchange.
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