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Hollister Biosciences to Acquire Venom in Deal Valued at CDN 20m
Thursday 27 February 2020

27 February 2020 - California-based cannabis company Hollister Biosciences Inc. (FRANKFURT: HOB) (OTC: HSTRF) has entered into letter of intent to acquire Arizona-based medical cannabis distillate company Venom Extracts, in an all-stock purchase estimated at CDN 20m (USD 15m), the company said.

Seventy percent of the consideration is to be paid upfront and 30% to be paid upon milestone achievements. The acquisition is expected to close by March 31, 2020. 

The acquisition is expected to provide avenues for both companies into the Arizona, California and additional marketplaces for cannabis products.

Hollister Biosciences Inc. is a vertically integrated cannabis company with multiple, high-quality products now carried in 220 of Indus Holdings (CSE: INDS), Hollister's exclusive distribution partner's 600 dispensaries.

Venom Extracts is an extraction company that produces legal marijuana products at a price point that allows retailers to generate higher profits.
Details
Date Published: 27/02/2020
Target: Venom Extracts
Country: USA
Deal Size: 15m (USD)
Sector: Agriculture/Forestry
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Vendor:
Buyer: Hollister Biosciences Inc
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