Radiko Holdings (CSE:RDKO) announced Tuesday two of its subsidiaries are teaming up to develop the company’s Carson City, Nevada-based cannabis cultivation operations.
La Vida Verde Inc., and DB3 Management will oversee all aspects of Nevada’s cultivation in a few phases, starting off with selling of cultivated products, and improving the production and operation by securing management consulting solutions.
Also, the companies will supervise the process of genetic selection, as well as product marketing and branding.
“The LVV team brings extensive experience in cannabis cultivation, extraction, retail, and product development, as well as vast experience in manufacturing, logistics, and distribution,” said Radiko’s CEO Steve Gormley in a statement.
DB3 Management was one of three companies, including BioNeva Innovations of Carson City LLC, and Sierra Superfoods LLC, with which Radico landed a transaction a week ago.
By this move, the company has obtained BioNeva’s operational facilities in Carson City, Nevada.
Radico acquired roughly one acre of land set up for cultivation operations. Pursuant to the agreement, it also holds a right of first refusal on an adjacent one-acre space.
For the purchase, Radico issued more than 17.7 million common shares and agreed to pay $150,000 in cash over the six months starting mid-July.
La Vida CEO Julie Brooks said they are excited to embrace BioNeva.
“This is a fantastic opportunity for all of the partners involved, and we look forward to collaborating on safe, beneficial, and accessible products for all to enjoy,” Brooks said.
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