Ontario-based USA Real Estate Holding Co. agreed to acquire cannabis cultivator Green Pharma Colombia SA in an all-stock transaction.
The number of shares will be determined after a definitive agreement is signed. The acquisition is meant to take advantage of the growing global cannabis market, which is expected to reach US$146.4 billion by 2025-end, Sabahat Ullah, director of USA Real Estate, said in a release.
Ullah added that the company is postponing the launch of its cryptocurrency mining operations and digital asset exchange platform while it is working on its registration with the SEC.
USA Real Estate acquires niche companies with high growth potential.