Cannex Capital Holdings (CSE:CNNX) announced an agreement to acquire Oakland-based Ametrine Wellness, which operates as Jetty Extracts, a company focused on cannabis extraction and processing.
As quoted in the press release:
Jetty has a licensed 12,000 sq ft facility in Oakland, California’s “Green Zone” incorporating extraction, manufacturing, product development and administration. Jetty also, through its cannabis distribution license, distributes its own, and others, products throughout the state without a need for a third-party distributor. Founded in San Diego prior to moving to Oakland, Jetty has wide distribution and strong brand recognition throughout the Golden State. According to ArcView Research, California is expected to be one of the world’s largest cannabis markets with up to US$6.5 billion in annual sales by 2020.
“We are excited by this partnership with Cannex, which also has a strong operations and branding background. This transaction will allow Jetty to capitalize on its first-mover advantage in California and to rapidly expand our brands and operations across the state and beyond,” said Ron Gershoni, Jetty CEO and co-founder. “Cannex and Jetty share common values as innovators, ethical business operators and community members. We are eager to work closely with Cannex to drive Jetty’s aggressive California expansion plans,” continued Gershoni, “and see a wide range of synergies including co-branding, more efficient distribution and opportunities to consolidate the fragmented California market.”