DENVER and TORONTO, April 22, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- MJardin Group, Inc., a cannabis production company, has announced that it has entered into a definitive agreement to acquire Carson City Agency Solutions, dba Cannabella, an operator of an extraction facility and producer of edibles and topicals in Carson City, Nev.
The transaction, which is expected to close in Q3 2019 will add extraction capabilities to MJardin’s current cultivation operations in Nevada, allowing the company to use a portion of its cultivation output for extracts towards edibles, topicals and other potential product lines. In addition, Cannabella’s products are already in approximately 50 of the 60 retail dispensaries in Nevada, and the company anticipates to expand its footprint to the new dispensaries being opened pursuant to the grant of approximately 50 additional licenses.
“We are thrilled to welcome Cannabella to the MJardin Group, and very impressed with what Lucinda Mahoney and her team have created in the extraction and edibles market,” noted Pat Witcher, president, NA Central/West of MJardin. “We look forward to integrating the Cannabella business into our operations, and welcome their talented staff to our team.”
“This transaction is a positive step for us in the U.S. market. The addition of extraction capabilities improves MJardin’s market position and allows us to take advantage of diversifying our product portfolio by adding products such as oils and vapes to capture more of the value chain,” noted Adrian Montgomery, chairman of MJardin.
Cannabella joins the company’s Nevada portfolio which currently includes “Cheyenne”, a 30,000-square-foot cultivation facility in Las Vegas that is expected to reach its full production capacity of 5,779kg flower and 1,733kg trim per year in Q1 2020.
