- SOL is executing a 2019 acquisition and strategic partnership program to expand its legal cannabis market presence
- The company acquired all operations and assets of 3 Boys Farm, a brand known for its cultivation facilities and dispensaries; as part of this strategic expansion, 3 Boys will be opening eight new dispensaries in Florida over the course of 2019
- SOL’s subsidiary, Heavenly Rx, recently announced the acquisition of 568 acres of hemp farms for biomass production
- The company is also focusing on its international expansion, especially on the European market; plans are in motion to open a network of clinics for medical cannabis users throughout the UK
SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF), a leading international cannabis investment company, has been working on the establishment of its global legal cannabis market position through acquisitions and strategic partnerships. Since the beginning of 2019, SOL Global Investments has announced the completion of several new milestones in line with this strategic approach.
Most recently, the company announced that it received approval from the Florida Department of Health for the sale and transfer of the 3 Boys Farm license from CannCure Investment Inc. to SOL Global. All operations and assets will be transferred under the terms of the agreement. These assets include farms and dispensaries currently owned by the privately-held, Ontario-based CannCure corporation (http://cnw.fm/v19XN).
In addition, 3 Boys intends to open the first two dispensaries operating under the brand in Florida. The launch is anticipated in April 2019. There are plans for the opening of six additional dispensaries in prime medical and retail corridors throughout Florida by the end of the year.
SOL also announced that 3 Boys will begin extraction and processing operations at its new GMP farm and lab facility in Indiantown, Florida. The facility became operational in the last week of March, and cultivation is anticipated to commence in the fourth quarter of 2019.
The acquisition of the 3 Boys Farm license isn’t the only development in line with the company’s strategic expansion policy. On March 7, 2019, SOL Global announced that its subsidiary, Heavenly Rx, will be acquiring 568 acres of hemp farms for biomass production (http://cnw.fm/6mfXZ).
Heavenly Rx, a hemp-focused SOL subsidiary, was formed in February 2019. The subsidiary’s initial goal was hemp cultivation, but it also has interest in various hemp/CBD and THC-free cannabinoid wellness industry assets. Apart from cultivation, Heavenly Rx will specialize in the development of various CBD offerings, such as oils, balms, tinctures and vape-ready products.
As part of the latest agreement, Heavenly Rx will acquire 420 acres of agricultural property in McMinn County, Tennessee. The other 148 acres of agricultural property are located in Whitley County, Kentucky. The locations were chosen for their temperate climate and ideal environmental conditions for greenhouse and outdoor growing.
Through the acquisition, Heavenly Rx will expand its capability to fulfill national and international orders in the future. The aim is for Heavenly Rx to become a vertically-integrated leader in the hemp and CBD marketplaces.
Under the terms of the acquisition, Heavenly Rx will also benefit from favorable contract farming rates in Tennessee and Kentucky. During the first year of contract farming, the yield is anticipated to reach 50,000 pounds of hemp biomass.
“We’re excited to partner with some of the best hemp farmers in the United States on this latest venture, which strengthens our vertically integrated hemp and CBD international rollout plan,” SOL Global CEO Brady Cobb said in a news release. “This acquisition will allow Heavenly Rx to expand its leadership role in the U.S. hemp and CBD industry, and Blühen Botanicals’ industry-leading expertise in hemp processing and extraction will prove a valuable asset in the management and cultivation of the properties.”
Blühen Botanicals is a Heavenly Rx portfolio company that specializes in hemp biomass processing and extraction. The company has farming and distribution partners across the U.S., and it also possesses a dedicated pharmaceutical-grade hemp research facility.
Expansion across the U.S., however, isn’t SOL’s only strategic goal. As previously mentioned, the company will be striving to expand its international presence through acquisitions and strategic partnerships.
At the beginning of March 2019, SOL announced a groundbreaking achievement made by its European Cannabis Holdings (“ECH”). In February 2019, ECH became the first company in the UK to facilitate the importation of a bulk shipment of medical cannabis (http://cnw.fm/iHmv7).
ECH will also be opening a network of medical cannabis clinics in the UK. As per the official announcement, the clinics will become operational in the spring of 2019, and they will be located in numerous big cities across the UK. The clinics are expected to focus on the treatment of chronic and debilitating conditions like neurological disorders, chronic pain and psychiatric problems. The company notes that patients who have exhausted other treatment options could benefit profoundly from the alternative possibilities available at the ECH clinics.
The medical cannabis clinic announcement came in the aftermath of an official UK Home Office decision to reschedule medical cannabis. Regardless of legislative changes, access to such treatments has been limited. The new ECH clinics will provide readily available opportunities to patients in desperate need of reliable and effective treatment options.
All of the clinics will focus on innovative cannabis-based treatment options. Such treatments will be available to patients following a health care professional’s referral.
“ECH has proven time and again to be a leader in the European cannabis market. As the UK medical cannabis market continues to open up, ECH’s cohesive network of companies will be instrumental in providing patients with much needed access to the potential therapeutic treatments offered by CBD and cannabis. We’re confident that ECH offers our Shareholders the best opportunity available to access the growth of the European market through investment,” Cobb added.
SOL Global continues to work toward the identification of key partners and markets in both the U.S. and international cannabis industries.
Legalization changes in numerous parts of the world, genetic development and intellectual property advancements in the cannabis sector have already contributed to the growth of the market and are expected to continue doing so in the future. The global legal cannabis market is anticipated to grow at a CAGR of more than 27 percent through 2023 (http://cnw.fm/1Gu6j), while global spending is forecast to increase, from $20.1 billion in 2018 to over $63 billion in 2024 (http://cnw.fm/hF1aQ).
For more information, visit the company’s website at www.SOLGlobal.com
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.