Following a C$250 million increase, Canadian firm Sundial Growers has splashed out 1 of the U.K’s biggest horticultural operations to provide the booming European CBD marketplace.
The Alberta-primarily based firm, which listed on the NASDAQ exchange earlier this month, says the acquire of the Bridge Farm Group is a important strategic move in its bid to come to be a ‘world-major, international cannabis player’. In a press release Sundial says the acquisition of Bridge Farm Group will enable it to make and sell higher-high quality CBD solutions globally.
Higher High-quality, Sustainable CBD
Headquartered in Spalding, Lincolnshire, Bridge Farm is 1 of the UK’s major producers of plants, flowers and herbs, and lately secured permission to double its developing facilities to three.five million sq ft.
The business enterprise employs more than 500 workers across its 5 areas in the county supplying quite a few of the U.K.’s major supermarket chains. Sundial plans to convert some of the facilities to hemp cultivation for the production of CBD, topic to regulatory approval from the U.K. Property Workplace.
Bridge Farm chief executive David Ball mentioned the British customer is increasingly conscious of CBD and demands to have ‘confidence in the solutions they buy’. He mentioned that its philosophy is to develop ‘high high quality plants in a sustainable way, and we will now be in a position to bring that knowledge to CBD wellness products’.
Sundial Establishes European Presence
Sundial Growers was established in 2014 as a licensed cannabis producer and manufacturer of higher-high quality CBD solutions and at present operates from two internet sites in Alberta with plans to make a third facility in British Columbia.
The acquisition establishes its presence in Europe and represents ‘an crucial milestone in our international expansion’, mentioned Torsten Kuenzlen, its Chief Executive Officer. He added: “This is a considerable acquisition for Sundial, taking us 1 step closer to our purpose of becoming 1 of the major cannabis providers in the planet.”
In early July, Sundial announced it had secured a private investment of C$92.six million and loans totaling practically C$160m. In its initially set of outcomes considering the fact that its launch on the NASDAQ it reported second-quarter net losses of C$12.four million, on net income of C$19.three million.
It has not responded to claims on the MarketWatch web site that it has accepted the return of half a ton of cannabis from fellow Canadian Licensed Producer Zenabis International.