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NewLeaf Expands To Oregon, Acquires 37.5% Of Trellis Holdings

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NewLeaf Expands To Oregon, Acquires 37.5% Of Trellis Holdings

Canadian CBD company NewLeaf Brands Inc. (CSE:NLB) (OTCPK: NLBIFannounced Thursday it has signed an agreement to purchase 37.5% of the Trellis Holdings Oregon Op LLC shares issued by the company for $2.25 million.

The Vancouver-based producer of the hemp-oil infused beverage TeaLief agreed to obtain Trellis shares from the company's founder Benjamin Martch and CEO Josua Bartch by stock swapping, offering its 28 million common shares.

Portland-based Trellis operates an 11-acre recreational cultivation facility in Southern Oregon, yielding thousands of pounds of cannabis annually, including THC rich strains. It also manages a dispensary in Portland.

The company touts seven-figure revenues while leaving a significant footprint in medical and recreational cannabis markets. 

"This transaction is significant in a number of ways for the company. Not only does Trellis bring a wealth of assets, potential revenue and key personnel but the crossover between the cannabis space and the mycology space is immense," said Bartch in a statement.

Oregon might be the first state to legalize psychedelic mushrooms as Initiative No. 34 is heating up, allowing NewLeaf to transform its 11-acre property to a mycology cultivation space and laboratory, explained Bartch.

IP 34, the Psilocybin Therapy initiative is aimed to regulate psilocybin mushrooms in Oregon. Psilocybin therapy is intended to help patients suffering from depression, anxiety, and addiction. 

The research conducted on Johns Hopkins, UCLA, and NYU sparked therapeutic experts to propose IP 34 for the November ballot.

Trellis Holdings is not a first company dealing (or planning to deal) with psychoactive mushrooms, NewLeaf laid a hand on. A month ago, NewLeaf announced it intends to purchase Mydecine Group, a Colorado-based company dedicated to the cultivation and processing of psychoactive mushrooms.

Photo courtesy of NewLeaf

 

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