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Orchid closes acquisition of certain assets of cannabis operator GreenBloom

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Orchid closes acquisition of certain assets of cannabis operator GreenBloom

Costa Mesa, Calif.-based Orchid Ventures Inc. completed the acquisition of certain assets of cannabis operator GreenBloom Cannabis Co.

The acquisition, pending regulatory approval, covers GreenBloom's five retail stores, two cultivation facilities, a distribution entity and six brands.

Orchid, which develops, manufactures and distributes cannabis products, will begin integrating all of GreenBloom's staff and facilities immediately.

As part of a definitive agreement, Orchid will pay GreenBloom US$10 million over the next 12 months and issue 50 million common shares at a deemed price of 50 Canadian cents per share.

In addition, Orchid issued 5,078,623 common shares July 30 that are subject to a hold period until Dec. 1 and certain hold periods agreed to by GreenBloom.

The acquisition is expected to boost revenues and solidify supply chain in California and Oregon, Orchid CEO Corey Mangold said.