C21 Investments Inc. (CSE: CXXI) has entered into an agreement to acquire Oregon-based premium cannabis edible companies Grön Chocolate and Grön Confections. The deal is expected to close by November 1, 2018. C21 has agreed to pay Grön unitholders $6.8 million plus the bonus earn-out shares of $4.375 million
“Edibles are one of the fastest growing segments of the cannabis space,” said Robert Cheney, Chief Executive Officer, C21 Investments. “Grön is a critical addition to C21’s growth strategy to acquire operations that can vertically integrate in each state and compete aggressively in the US$11 billion cannabis market in the United States.”
According to the company statement, This is the sixth acquisition agreement announced by C21 Investments in the past year and will be accretive to earnings of C21 Investments. Other agreements include Silver State Relief in Nevada, as well as Phantom Farms, Swell Companies, and Eco Firma Farms in Oregon. C21 Investments has been successful in ensuring that the talent of each operation continues to perform and grow in order to provide a strong culture for its group of companies.
Grön was founded by Christine Smith in 2014, who named the company after the Swedish word for green and is a tribute to Christine’s architecture studies in Denmark and love for all things sustainable and Scandinavian. The brand is considered one of Oregon’s largest and most respected edible brands and known as the most prolific chocolate bar in Oregon. Grön has secured shelf space in over 400 retail stores with immediate plans to expand into California and Nevada. Grön has two licensed manufacturing facilities totaling over 7,000 square feet as well as a small retail/tasting room with an emphasis on CBD education. In 2018, Grön launched the first fully licensed CBD café in North America with the introduction of their CBD lifestyle/wellness line.
Vancouver-based C21 Investments Inc. is a vertically integrated cannabis corporation that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The company has definitive agreements to acquire cannabis companies in Oregon and Nevada that, when closed, will make C21 one of the largest public cannabis companies by revenue in the world.