by Canadian Manufacturing.com Staff
Tweed seeing a buyer’s market, medical marijuana company to buy MedCannAccess
On heels of major Bedrocan buy, Tweed pursuing further growth
SMITHS FALLS, Ont.—Tweed Marijuana Inc. is wasting little time in consolidating its position in Canada’s medical marijuana market. The company closed on its approximately $60 million acquisition of Bedrocan Cannabis Corp earlier this week, which made it the industry’s largest player, yet Tweed is already back at the M&A table.
The company has entered into an agreement to acquire MedCannAccess in an all-stock deal. The company will issue $1.5 million in Tweed shares upon closing of the transaction, and $4.2 million further contingent on the achievement of certain milestones. Tweed said the deal aims to bring the company’s customer experience to new levels by adding brick and mortar locations.
“Tweed has always placed a heavy emphasis on customer service. Until today that meant people could call us and talk to a Customer Care associate or find us on social media to learn more about our products and services,” Bruce Linton, chairman and CEO of the Company, said. “Now they can walk into a physical location and get that same level of service, face to face.”
Tweed said existing MCA centres in Guelph, Etobicoke, and Hamilton will offer unmatched support to local physicians and the healthcare community, while providing patients with consultation and registration services free of charge.
With the acquisition, Tweed will also gain a 33% stake in CannScience Innovations Inc., which is a drug development company based out of the MaRS Centre in Toronto. CannScience researches extracts and is working toward delivering standardized metered dosing in a range of delivery methods – one of Tweed’s priorities as the cannabis extract market evolves.