Simply Solventless continues acquisition spree, closes purchase of Delta 9 Bio-Tech | How to order Skittles Moonrock online

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Calgary-based Simply Solventless Concentrates Ltd. (TSXV: HASH) (OTC: SSCLCF) on Friday announced that its purchase of cannabis grower Delta 9 Bio-Tech Ltd. has formally closed for C$3 million in cash.

Simply Solventless in January made a C$750,000 down payment towards the total purchase price and paid the remainder this week, according to a press release. As soon as the deal was done, Simply Solventless also signed off on a decade-long lease agreement for the Bio-Tech facility in Manitoba “with an arms-length party” that was not identified.

The new subsidiary was also rebranded as Humble Grow Co., the latest piece of Simply Solventless’ growing portfolio.

The acquisition deal gives Simply Solventless a 98,000-square-foot cultivation facility in the city of Winnipeg, which has an annual production capacity of 8,000-9,000 kilograms of dried cannabis, according to the release, which Simply Solventless believes can be ramped up to 15,000-18,000 kilograms per year, depending on a future C$4 million infrastructure investment.

Bio-Tech, now Humble Grow Co., has been serving the markets of Ontario, Alberta, Manitoba, Saskatchewan, British Columbia and the Maritimes, as well as the Canadian wholesale marijuana market and the international cannabis supply chain, the company said in the release.

Simply Solventless further noted that the acquisition will stabilize its internal supply chain by completing its vertical integration, making it less reliant on outside suppliers for raw cannabis biomass. The company’s supply need increased sharply after its purchase last year of preroll maker ANC Solutions, it said. Simply Solventless also last year purchased retailer and marijuana brand CannMart Inc.

Humble Grow Co. is also expected to help Simply Solventless drive down the overall price of production, to roughly C$0.50-C$0.70 per gram, which the company said would be “among the lowest for indoor cannabis cultivation in Canada.”

The company also, by contrast, expects the current average market price of C$1.11 per gram of cannabis to hold steady, it forecast. That price may even be increased through international exports and “other initiatives,” it said.

The purchase will also help Simply Solventless cut redundant corporate and manufacturing costs by about C$750,000 per year, it estimated.

CEO Jeff Swainson said the Humble Grow Co. acquisition marks a “significant milestone” for Simply Solventless.

“The operational integration of Bio-Tech is largely complete,” Swainson said, adding that the company is still on the lookout for more acquisition targets.