Cannabis One Holdings Inc (CSE:CBIS) (OTCMKTS:CAAOF) announced Monday a series of agreements to acquire Evergreen Organix, a Nevada-based cultivation, manufacturing and brand house.
The Denver-based company said in a statement that they had three definitive agreements to acquire certain assets of Nevada-based LV 3480 Partners LLC, 3480 Investors, Inc., and Agro Finance LLC, collectively known as Evergreen Organix.
Shares of the company rose nearly 6% on Monday to sit at C$4.61 in Canada and nearly 7% to US$346 in the US.
As part of the agreements, Cannabis One will acquire Nevada state-issued cannabis cultivation & manufacturing licenses, the popular flower brand Fleur and the award-winning, cannabis-infused product brands, Evergreen Organix and EG.O.
Evergreen Organix has won a number of cannabis industry awards for its branded product line, including Best CBD Flower for its Fleur-branded Fire Angel strain; and Best Edible for its Evergreen Organix-branded Chocolate Chip Cookie at the 2018 Jack Herer Cup.
The Nevada-based company has established manufacturing and distribution relationships across six US states, including Nevada, California, Colorado, Washington, Oregon, and Montana.
“Building on the momentum of our recent announcements related to the acquisition of the ‘Honu’ and ‘Fat Face Farms’ brands, Cannabis One is now excited to bring the Evergreen Organix family under the CBIS banner,” said Cannabis One CEO Jeffrey Mascio.
The acquisition provides Cannabis One with a significant brand presence in the Nevada medicinal and recreational marketplace and more than 27,000 square feet of additional cultivation capacity, the company said in a statement.
Evergreen Organix president Jerry Velarde will join Cannabis One as its Chief Marketing Officer.
Under the terms of the agreement with LV 3480 Partners LLC, Cannabis One will acquire all intellectual property, product formulations, warehousing and logistics