A few days after completing the acquisition of Bedrocan Cannabis Corp. (BED), Tweed Marijuana Inc. (TWD) made a strategic acquisition to support newly combined company.
Last week, TWD announced that they entered into an agreement to acquire MedCannAccess in an all-equity transaction. TWD will now be able to offer in-person client services through MedCannAccess’s network of community engagement centers in Ontario. This acquisition makes TWD the first licensed producer in Canada to offer in-person services.
Focused on client integration
The acquisition of Bedrocan successfully combined the two largest Canadian medical marijuana producers and created a conglomerate in the Canadian medical marijuana industry.
The first priority for the newly combined company is to integrate its more than 5,600 active and registered clients and build on the unique strengths of each brand. TWD and BED patients will now have access to both product lines.
Acquisition enhances TWD’s cannabis extract business
Under the MedCannAccess acquisition agreement, TWD acquired a 33% stake in CannScience Innovations Inc., a drug development company based out of Toronto. CannScience conducts extracts research and is focused on delivering standardized metered dosing in a range of alternate delivery methods.
Tweed also acquired a library of proprietary genetics produced by Humber Valley Seeds. This will further diversify the company’s product offerings and create opportunities for breeding and product development.
September has already been a big month for the Canadian medical marijuana industry and these acquisitions have made TWD the market leader in Canada. TWD and BED will continue to grab market share in a rapidly growing industry that is in its infancy.