48North Cannabis to acquire US cannabis company Quill
48North Cannabis acquisition of Quill : Canada-based 48North Cannabis has signed a definitive agreement to acquire US cannabis company Rare Industries (also known as Quill) for $2.1 million.
The acquisition of Quill marks the entry of the Canadian cannabis company into the US.
Quill, a US cannabis CPG brand, produces vape products and develops user-friendly controlled-dosage and health-focused disposable vape pens.
Under the acquisition, 48North Cannabis is planning to speed up the distribution of its brand portfolio into the US through the distribution network of the US cannabis company while selling Quill products throughout its distribution network in Canada.
Alison Gordon – co-CEO of 48North Cannabis, commenting on 48North Cannabis acquisition of Quill, said: “48North recognizes the importance of entering the burgeoning U.S market.
“I believe that authentic brands and next-generation products distributed at scale, particularly in the emerging U.S. market, will be one of the major keys to success in the cannabis industry.
“Without question, the Quill suite of products aligns closely with 48North’s growing portfolio of brands. This acquisition marks a critical step in the Company’s goal to become the trusted leader in the development, manufacturing and distribution of next-generation cannabis products and brands.”
48North Cannabis acquisition of Quill
Quill with expansion plans for California and Nevada has product distribution in Oregon and Washington and does not cultivate, distribute or possess cannabis in the US.
Licensed cannabis processors will receive unfinished branded proprietary vape delivery hardware from Quill and finish the products by filling the hardware with cannabis extracts and distribute the finished products to licensed cannabis retailers.
The US cannabis company, in addition to established products, is rolling out its hemp-based and CBD-specific all-in-one vaporizer pen this year.
As a consequence, the products of 48North Cannabis will now be distributed across the US and will be licensed worldwide, wherever they are officially allowed.
Commenting on 48North Cannabis acquisition of Quill, Ian Van Vaughan Shaughnessy – co-founder of Quill said: “48North’s industry-leading focus on next-generation cannabis products and its brand-first consumer strategy will undoubtedly elevate Quill, its brand and products to the next-level.
“The U.S-based Quill team is eagerly looking forward to joining with 48North’s experienced and dedicated management team.”
48North Cannabis acquisition of Quill, which is subject to approval from the TSX Venture Exchange (TSXV) and other customary closing conditions is likely to constitute an Expedited Acquisition in compliance with Policy 5.3 of the TSXV.