Canadian oil-and-gas company expands into hemp extraction
Industrial Hemp NewsInternational NewsMarijuana Laws, Regulations, & Politics May 21, 2020 MJ Shareholders 0
A Canadian oil-and-gas company expanding into hemp extraction has acquired a Canadian hemp company in an all-stock deal worth CA$20 million ($14.4 million).
As part of the deal, HTC Extraction Systems, based in Regina, Saskatchewan, will acquire various assets including land and licenses from KF Hemp.
Those assets include various licenses, including an industrial hemp license to cultivate the plant and a pending license to process and sell it. HTC will also acquire a drying facility in Lajord, Saskatchewan, and the equipment there.
The agreement, signed May 15, will make KF Hemp a wholly owned subsidiary of HTC.
KF Hemp is among the largest growers of hemp for cannabinoid biomass in North America, according to a news release.
The deal also includes 5,000 production acres from 2019 and 25,000 acres in future years.
HTC Extraction Systems bought a California hemp extractor, Kase Farma, in January.
HTC trades on the TSX Venture Exchange as HTC.
MJ Shareholders
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers
No comments so far.
Be first to leave comment below.