Delta 9 Cannabis (TSXV:NINE) closed an acquisition for the land and building containing its current cannabis production facility for a price of of C$6.25 million.

As quoted in the press release:


The Company has also purchased certain cannabis grow pods (the “Equipment”) from the Vendor for a price of $952,000, plus applicable taxes. The Property is located in a heavy industrial area in Winnipeg, Manitoba. The production facility of Delta 9 has been located at the Property since July, 2013.

The Vendor is a non-arm’s length party of Delta 9 due to the fact that a director of Delta 9, Joanne Duhoux-Defehr, is also a director of the Vendor and is the owner of 20 per cent of the issued and outstanding shares of the Vendor. Accordingly, the acquisition of the Property and the Equipment are considered to be a non-arm’s length party transaction and are subject to the approval of the TSX Venture Exchange (the “Exchange”). The Exchange has granted its conditional approval for the acquisition of the Property and the Equipment and final approval of the transaction is subject to certain final filings with the Exchange.

A portion of the purchase price for the Property and Equipment will be paid by the Company from funds advanced pursuant to a $12,000,000 loan and credit facility provided to the Company by the Canadian Western Bank (“CWB”).

Click here to read the full press release.

Source: www.newswire.ca

BevCanna Enterprises (CSE:BEV,OTCQQ:BVNNF,FWB:7BC) CEO Marcello Leone shared how the company is scaling up its products to forge partnerships and explore opportunities across Canada, the US and Western Europe. 

“Getting your standard processing license and being fully compliant at a federal level is critical in Canada, and we were successful in getting that done. Now we’re getting ready to launch our Keef line of beverages within the next 45 days,” Leone said. 

As a young company, Leone said BevCanna has only started, but it took a four-pronged approach to make sure that it is a revenue-generating company prepared for the opening of many jurisdictions for CBD-based products.

“We are blessed that we have a beautiful infrastructure of our own, a state-of-the-art bottling facility with a capacity of almost 200 million bottles per annum and a strong balance sheet of $55 million. We are in a strong position to scale and grow this company.”

BevCanna has received a Standard Processing License from Health Canada and is now fully authorized to begin production at its full-service, high-capacity beverage manufacturing facility. The company will begin production of its white-label products, number one US cannabis beverage brand Keef and its in-house beverages through licensed Canadian retailers, positioning the company to fully capitalize on the burgeoning Canadian cannabis-infused beverage sector.

Watch the full interview with CEO Marcello Leone above.

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Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/clean-tech/

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