Praetorian Global, Inc. has entered into a definitive agreement to acquire all the intellectual property assets of Oni Seed Co.
The asset acquisition will add the intellectual property portfolio behind the world-renowned and award-winning Oni brand and product offerings and pipeline to Praetorian's stable of cannabis and hemp intellectual property, including the award-winning Binske cannabis brand.
"This is a monumental and transformative moment for our company, all of our shareholders and all of our current and future partners," Jacob Pasternack, founder, chairman and CEO of Praetorian, said.
Oni was founded in 2016 by breeder Nicholas Handler, who was joined in 2019 by Zachary "Doc" Victor, an industry veteran with over 25 years of large-scale cultivation experience.
As part of the acquisition, both Victor and Handler will join Praetorian as director of cultivation and director of genetics and breeding, respectively.
Victor and Handler will also bring with them top talent from Oni, and will join other industry experts already at Praetorian, including Bill Fenger, who has been credited with inventing the entire segment of live resin concentrates.
SInce its founding, Oni has been responsible for creating and developing many of the industry's popular genetics that have boasted a library of over 300 genetics, including award-winning Trop Punch, Tropicana Cookies, Papaya, Wilson! Zero, Strawpicanna, Honey Bunny and Zahiti Lime.
“Oni's proprietary products, know-how and methodologies have significant, broad-based application for all sizes and forms of flower cultivation, which correlates to 100 percent of the downstream products sold in retail outlets around the world," Pasternack continued.
As Praetorian begins to integrate Oni into its ecosystem and contribute its depth of resources and guidance, the company will begin to scale its operations by optimizing staff and processes across brands and business lines in an effort to expand within existing markets and penetrate new ones.
"As part of the Oni acquisition, Praetorian will continue to deploy its core playbook, connecting strong brands and unique intellectual property with licensees and partners in top tier markets that seek to optimize value and efficiency across the supply chain,” Pasternack explained. “Praetorian will also look to expand Oni's product offering and footprint as it focuses on strategic licensing partners in metropolitan centers with strong retail assets."
Closing of the transaction is expected to occur in early second quarter of 2022, subject to customary closing conditions.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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