CannaRoyalty Closes FloraCal Farms Acquisition

CannaRoyalty (CSE:CRZ; OTCQX:CNNRF) completed the acquisition of FloraCal Farms a craft cannabis producer in Sonoma County, California.

As quoted in the press release:

“The evolution of our relationship with FloraCal to the close of the acquisition today, is directly aligned with the strategic framework we have outlined for shareholders and is a model that we intend to replicate in a targeted fashion across key verticals of the California market in the coming years,” said Marc Lustig, CEO of CannaRoyalty. “As one of the state’s largest third-party cannabis consumer brand distributors, we are strategically positioned to foster the growth of both our retailer and brand customers’ businesses, while generating proprietary market data and consumer insights to ensure we are in a position to acquire or otherwise partner with brand leaders in the space as they establish themselves.”

Afzal Hasan, President and General Counsel of CannaRoyalty added, “FloraCal occupies an ultra-premium position in the California market, with THC numbers testing up to 33 [percent] and a selling price of up to US$17.00 per gram. This demonstrates that even in a relatively mature flower market, craft branded flower is able to capture and maintain premium prices and margins.”

Click here to read the full press release.

Source: www.newswire.ca