Cannabis investment company SOL Global Investments has agreed to acquire two California-based marijuana companies, a move that would help SOL dominate the cannabis industry in a few key U.S. markets, from cultivation to retail sale, Cheddar has learned.
When it closes this deal and other pending acquisitions, SOL plans to create and take public a new multistate cannabis operator.
“Let’s work on a multistate operator, but instead of going and trying to do the 10, 12, 14-state model, let’s pick three of the top 10 states in the U.S. and execute at a very high level in those three states,” SOL Global CEO Brady Cobb said in an exclusive interview with Cheddar.
Through its subsidiary CannCure, SOL Global signed binding agreements to acquire Humboldt County-based cultivator and processor Northern Emeralds for $120 million in shares; and One Plant, a dispensary chain that currently operates six locations in California, for $17 million in cash and stock. SOL will combine Northern Emeralds and One Plant with Michigan-based MCP Wellness and 3 Boys Farms in Florida to create a new multistate operator, upon closing the deals, that it plans to take public in Canada.
