Following a C$250 million enhance, Canadian firm Sundial Growers has splashed out 1 of the U.K’s biggest horticultural operations to provide the booming European CBD market place.
The Alberta-primarily based enterprise, which listed on the NASDAQ exchange earlier this month, says the acquire of the Bridge Farm Group is a crucial strategic move in its bid to come to be a ‘world-major, worldwide cannabis player’. In a press release Sundial says the acquisition of Bridge Farm Group will permit it to make and sell higher-high quality CBD merchandise globally.
Higher Top quality, Sustainable CBD
Headquartered in Spalding, Lincolnshire, Bridge Farm is 1 of the UK’s major producers of plants, flowers and herbs, and not too long ago secured permission to double its developing facilities to three.five million sq ft.
The company employs more than 500 workers across its 5 places in the county supplying quite a few of the U.K.’s major supermarket chains. Sundial plans to convert some of the facilities to hemp cultivation for the production of CBD, topic to regulatory approval from the U.K. Property Workplace.
Bridge Farm chief executive David Ball stated the British customer is increasingly conscious of CBD and demands to have ‘confidence in the merchandise they buy’. He stated that its philosophy is to develop ‘high high quality plants in a sustainable way, and we will now be capable to bring that experience to CBD overall health products’.
Sundial Establishes European Presence
Sundial Growers was established in 2014 as a licensed cannabis producer and manufacturer of higher-high quality CBD merchandise and at present operates from two web sites in Alberta with plans to make a third facility in British Columbia.
The acquisition establishes its presence in Europe and represents ‘an vital milestone in our international expansion’, stated Torsten Kuenzlen, its Chief Executive Officer. He added: “This is a important acquisition for Sundial, taking us 1 step closer to our target of getting 1 of the major cannabis providers in the planet.”
In early July, Sundial announced it had secured a private investment of C$92.six million and loans totaling nearly C$160m. In its very first set of final results due to the fact its launch on the NASDAQ it reported second-quarter net losses of C$12.four million, on net income of C$19.three million.
It has not responded to claims on the MarketWatch web page that it has accepted the return of half a ton of cannabis from fellow Canadian Licensed Producer Zenabis Worldwide.