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Colorado-based MJardin Group is expanding its Canadian operations with the acquisition of GrowForce, a vertically integrated cannabis platform with majority interest in flagship cannabis facilities and strategic partnerships for turnkey operations, proprietary software, training and project financing.
MJardin already operates GrowForce's flagship facilities in Canada.
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What Happened
The acquisition of GrowForce is all-stock and valued at around Canadian 278 million, or the U.S. dollar equivalent of $210.70 million.
Each GrowForce shareholder will be entitled to receive 0.375 shares of MJardin for each GrowForce share held. This values GrowForce's stock at $4.50 per share and represents a 41-percent premium to the subscription receipt round that GrowForce closed in July.
Aside from the acquisition, MJardin Group announced that it has commenced trading on the Canadian Securities Exchange.
Why It's Important
After the merger is complete, MJardin will have 49 facilities in North America either full operational or under development.
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The facilities have a total capacity of 87,000 kilograms of marijuana.
MJardin will continue to manage 23 cultivation facilities, two outdoor grows, five extraction facilities and 19 dispensaries in four U.S. states and four Canadian provinces.
The combined company will have a pro forma cash balance of around CAD 65 million.
What's Next
The combined company said it will look at international expansion, particularly in Africa, Europe and Latin America.
"We believe that MJardin is well-capitalized and uniquely positioned to pursue strategic expansion and M&A opportunities across legal cannabis markets in the U.S., Canada and other international markets," CEO and Chairman Rishi Gautam said in a statement.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.