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North Bud Farms to acquire cannabis accessory line

Toronto's North Bud Farms Inc. plans to acquire a line of cannabis accessories from Janey's Inc., an operating unit of Twelve Barrels Whiskey Inc.

The proposed transaction also includes intellectual property related to product development. Twelve Barrels Whiskey will receive 120,000 North Bud Farms common shares, priced 40 Canadian cents each, for the assets.

A definitive agreement between the companies is expected within the next 30 days.

North Bud Farms agreed to fund the development of the Janey's accessories, and may enter into revenue sharing agreements.

The company said the acquisition will provide a foundation for its newly created "1017" brand, which will serve as a development and distribution platform for cannabis products and accessories.