Global contractor, supplier, and processor of tobacco Alliance One International announced February 8th that they now have controlling stake in two major Canadian cannabis companies: Goldleaf Pharm, and Canada’s Island Garden.
This, following Constellation Brands C$245 million investment into Canopy Growth last year, is the second cross-border investment by a publicly traded company into the Canadian cannabis industry.
Both companies that Alliance One International have invested in are big players in the Canadian market. Goldleaf is in the process of building a 20K-sq.-ft. facility in Ontario, while Canada’s Island Garden is expanding their greenhouse facility from 20K sq. ft. to a whopping 250K sq. ft. Alliance hopes to see an even bigger expansion in the next three years to reach a combined 1 million sq. ft. between the two companies.
In addition, Alliance One International has invested in North Carolina company Criticality. They currently have a 40% stake which may increase to 50% by 2020. Their aim is to become the leader in CBD production of consumer products.
These investments show that the tobacco industry is wising up to the lucrative opportunities the Canadian cannabis market presents.Posted: Monday, February 12th, 2:20am 9 months ago
Shasta Nelson is a California Native and a cannabis connoisseur. She's been involved in the industry at every level since she was a teenager. Currently she provides content for Roottie, DOPE Magazine, and Terpenes and Testing. She's also a creative writer, with a graphic novel underway.