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First Colombia acquires cannabis brands, assets of 2 private companies

First Colombia Development Corp. acquired cannabis brands and other assets of Critical Mass Industries LLC and General Extract LLC in a cash and stock deal.

Under the transaction, Sausalito, Calif.-based First Colombia paid about $2 million and issued 13,553,233 common shares.

Critical Mass, doing business as Good Meds, owns a cultivation facility and operates two retail locations, which sell medical cannabis products including marijuana flower, edibles, concentrates, tinctures, topical salves, joints and vaporizer cartridges.

General Extract is an importer and distributor of hemp and hemp derivatives. It operates a hemp-derivative refinement and distribution center in Denver.