U.S. Tobacco Company Buys Majority Stake In Canadian Cannabis Grower

Alliance One International Inc. announced an equity position in Canada's Island Garden.

February 12, 2018
Business and finance Canada

An American tobacco leaf merchant has acquired majority stakes in a P.E.I. licensed medical marijuana producer as well as a cannabis company that is developing indoor growing operations in Ontario.

Alliance One International Inc., based in North Carolina, announced its subsidiary Canadian Cultivated Products acquired a 75-percent equity position in Charlottetown-based Canada's Island Garden last month.

The publicly held tobacco supplier said its subsidiary last month also acquired an 80 per cent stake in Goldleaf Pharm Inc., a medical marijuana license applicant which is building a roughly 1,850 square metre growing facility in Ontario.

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