BUSINESS

Supreme Cannabis Company acquires Blissco in all-stock deal valued at $48M

The Canadian Press Published Thursday, May 16, 2019 10:33AM EDT Last Updated Friday, May 17, 2019 12:23PM EDT

Blissco Cannabis Corp. CEO and founder Damian Kettlewell and wife Charlene are pictured in the companies main growing room in Langley, B.C., on Oct. 9, 2018. (Jonathan Hayward / THE CANADIAN PRESS)

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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.

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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.