KINGSVILLE, ON – Greenway Greenhouse Cannabis Corporation, a cultivator of high-quality greenhouse cannabis for the Canadian market, has entered into an asset purchase agreement with Choice Growers Cannabis Inc. Under the Purchase Agreement, Greenway has acquired all of Choice Growers’ consumer packaged goods (“CPG”) brands, SKUs and listings of the brands, trademarks, goodwill, and other associated intellectual property in exchange for: (i) the indebtedness owed by Choice Growers to Greenway; and (ii) a royalty payment equal to varying percentages of Net Revenue (as defined in the Purchase Agreement) over a period of six years.
This acquisition encompasses all of Choice Growers’ brands, including Grapefruit God Bud (also known as Grape God), The Jeffrey, Watermelon Pebbles, Pink Lemonade, Duke Nukem, Tangerine Dream, and Blackberry Cheesecake.
This marks the first time Greenway has purchased brands from another licensed producer of cannabis under the Cannabis Act (Canada). The acquisition will enable Greenway to expand further into the CPG sector of the Canadian cannabis market and introduce its products to a broader audience across the country.
Jamie D’Alimonte, CEO of Greenway said: “Acquiring the brands from Choice Growers will help Greenway grow the number of SKUs we have in Ontario and bring Greenway products into new provinces. The Choice Growers team have built strong brands that have demonstrated real consumer appeal. As with many cannabis brands, future success will depend on delivering great products and ensuring they reach consumers at an affordable price.”
“We are excited to combine our high quality, low cost cultivation with the consumer brand recognition of Choice Growers’ products. Our team is looking forward to brining these brands under the Greenway banner, to enhance profitability and introduce Greenway’s quality cannabis to new consumers across Canada.”
About Greenway
Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada.
