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Supreme Cannabis to buy communications firm Bayfield Strategy for C$2M in stock

The Supreme Cannabis Co. Inc. agreed to buy communications and stakeholder relations firm Bayfield Strategy Inc. for C$2 million in company stock.

Under the deal, Supreme Cannabis will issue C$2 million worth of its common stock in exchange for all the shares of Bayfield Strategy.

The Canadian cannabis company said it will appoint Bayfield's CEO and founder Riyaz Lalani as its chief corporate officer after the acquisition.

Besides Lalani, other Bayfield employees will be integrated into Supreme Cannabis in roles related to corporate operations and stakeholder relations.

The deal is expected to close Nov. 30.