TORONTO - The Supreme Cannabis Company Inc. has signed a deal to acquire Blissco Cannabis Corp. in an all-stock deal it valued at $48 million.

Under the agreement, each Blissco Share will be exchanged for 0.24 of a common share of Supreme Cannabis.

Based in Langley, B.C., Blissco operates a 18,000-square-foot production facility and has been producing cannabis oils since receiving its production license in August 2018.

Blissco CEO Damian Kettlewell will continue to lead Blissco and has committed to remaining employed at Supreme Cannabis as well as retaining at least 75 per cent of his shares for a minimum of two years.

Supreme Cannabis holds a portfolio of cannabis companies, products and brands.

Its shares were up three cents at $1.89 on the Toronto Stock Exchange.