According to a recent Forbes article, Orchid Ventures, Inc. (CSE:ORCD,OTC:ORVRF) has recently announced its intent to acquire GreenBloom Cannabis Co., a vertically-integrated multistate operator, for $29 million in shares and cash. GreenBloom owns five retail stores, two cultivation facilities, one distribution entity and six brands in Oregon and California. GreenBloom founder and CEO George Mattia is expected to join the Orchid Ventures executive leadership team and board of directors once the acquisition is complete.
According to the article, GreenBloom’s holdings are expected to generate up to C$163.7 million over the next 12 months. Orchid Ventures also intends to help GreenBloom build out its cultivation, processing and retail location in California. The facility rests upon 10 acres of land and holds 300,000-square-feet of canopy and 25,000-square-feet of processing capabilities.
Forbes was able to sit down with Orchid Ventures CEO Corey Mangold to gain some insights into the deal. According to Mangold, the deal will solidify supply chains in Oregon and California for both companies. Mangold also hinted that this will be the first acquisition for Orchid Ventures and that there will be more to come.
“We’ve fostered a great relationship with GreenBloom over the past year, visiting their facilities and working closely with their management team, and the alignment of our two organizations will increase revenue and EBITDA. Orchid will now be one step closer to expanding into multiple new states and countries in the near future,” said Mangold.
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