Weed producer Tweed to acquire Bedrocan Canada
Transaction establishes the world's largest publicly-traded medical cannabis producer.
TORONTO and SMITHS FALLS, Ont. — Tweed Marijuana Inc. (TMI), operator of licensed cannabis producers Tweed Inc. and Tweed Farms Inc., is acquiring Bedrocan Canada, making TMI a multi-brand holding company.
TMI, based in Smith Falls, Ont., operates two production facilities in Ontario and distributes medical marijuana across the country.
The company will be renamed at its annual meeting of shareholders.
TMI said Tweed and Bedrocan Canada represent distinct market segments that appeal to different consumer needs.
Bedrocan, based in Toronto, is focused on clinical research, automated production processes and product development. Bedrocan and its licensor Bedrocan Beheer BV (Netherlands) are the only companies in the world currently capable of producing standardized full-bud, pharmaceutical-grade medicinal cannabis.
The Bedrocan Canada brand will continue to be supported within the clinical and research communities and will operate separately, but in alignment with the other TMI operating divisions.
Current consolidated licensed sales capacity of the two companies is about 6,000 kilograms per year.
The acquisition is to close by the end of August.