48North Cannabis Corp. NRTH announced Thursday it has acquired Sackville & Co. Merchandising Ltd. cannabis brand.
Sackville & Co. is a company known for incorporating art, music, fashion and culture in its products focusing mainly on female consumers. It produces design-forward cannabis accessories using high-end material as marble, the company said.
Per the press release, the acquisition price is set to $789,735 consisting of $150,000 in cash and 639,735 in 48North’s common shares with a price of $0.80 per share. Additionally, the company will pay conditional earn-out in common shares based on the operating performance of Sackville for 12 months.
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"48North is laser-focused on reinforcing its position as the preferred consumer cannabis brand in Canada and introducing itself to the emerging U.S marketplace. Building on the momentum of the Company's acquisition of Quill and significant supply of CBD from Iverson Family Farms, adding Sackville & Co. to the 48North family takes the Company one step closer to achieving this goal," Alison Gordon, CEO of 48North, said in a statement.
Lana Van Brunt, co-founder of Sackville & Co. also commented on the acquisition: "Sackville & Co. has sought to create new and inspiring experiences in the cannabis space through design, art, fashion and music communities. As a result of the acquisition, we will now be able to expand our product offering, distribution channels, and ultimately scale our business."
Image courtesy of 48North.
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