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BevCanna Announces Definitive Agreement to Acquire Embark Health Inc.

Nachrichtenquelle: Business Wire (engl.)
20.09.2021, 16:10  |  315   |   |   

Emerging leader in innovative health and wellness beverages and products, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) announces today that it has entered into a definitive agreement dated September 19, 2021 (the “Agreement”) to acquire Embark Health Inc. (“Embark”).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210920005615/en/

Embark has extensive manufacturing and intellectual property (“IP”) assets related to high-end solventless cannabis extracts, such as bubble hash, traditional pressed hash, rosin, dry sift and its innovative and best-selling Hazel Hash Stick. Embark is also equipped to produce a range of cannabis concentrates, liquid and powder beverage mixes, topicals and edible products. With four adult-use brands, across all three cannabis 2.0 product categories, in the Canadian marketplace that feature the solventless and enhanced delivery, Embark boasts a complete adult-use product offering that includes beverages, topicals, solventless extracts and hash. Embark is also the majority owner of ProteinQuest, which applies Embark's innovative and proprietary technology to the protein-enhanced and functional food industries with initial commercial products utilizing hemp seed, positioning it for further growth in the health and wellness industry.

“The acquisition of Embark significantly accelerates BevCanna’s evolution into a diversified health and wellness company,” said John Campbell, CFO of BevCanna. “Our unique and diverse portfolio will now include an even broader range of adult-use and wellness channels and innovative product categories. The acquisition will unlock significant value for both organizations and brings together two exceptionally experienced teams, forming one of the most diverse and innovative health and wellness companies in the industry.”

Deal Highlights:

  • The acquisition is accretive for BevCanna, and the combined entity will have over $100M in assets on the balance sheet.
  • Adds a unique range of valuable brands, across all three cannabis 2.0 categories, that enables BevCanna to sell differentiated and complementary adult-use and wellness products.
  • Adds a state-of-the-art production facility in Delta, BC, with ~$17M1 in tangible & intangible assets including direct ownership of $11M1 in equipment.
  • Deemed price represents a 33% premium to the volume weighted average trading price of the BevCanna Shares on the CSE for the five trading days preceding the date of this announcement.
  • Gross revenue totaled $790,000 and approximately 65% gross margin for the last three months of commercial production.
  • Bolsters beverage portfolio with the addition of proprietary nanotechnology and rapid onset delivery technology for beverage, topical and edible products, allowing BevCanna to vertically integrate its supply for select in-house and white-label clients.
  • Adds innovative solventless extraction technology that enables BevCanna to offer hash, bubble hash, live rosin and other highly sought-after adult-use cannabis products.
  • Adds world class management and operations team members who are pioneers in cannabis, extraction, and drug delivery technology, including:
    • Bruce Dawson-Scully, Founder and Chief Executive Officer of WeedMD (TSXV:ENTG)
    • Marcus “Bubbleman” Richardson, best known for being the founding pioneer of bubble hash
    • Michael West, global extraction expert who has developed, designed, and built over a dozen world class extraction facilities for companies such as Cresco Labs (CSE:CL)
    • Curtis Leifso, expert in enhanced bioavailability drug delivery technology
  • Diversifies the business between cannabis and wellness with an emphasis on cutting-edge technology and high growth product categories.
  • Enables cross-utilization of existing licenses, including Health Canada issued adult-use sales license that gives BevCanna the ability to sell its products directly to provincial distribution boards across Canada. Its Health Canada-issued medical sales license allows for expanded distribution of direct-to-customer. A research and development sensory license also enables rapid product development with its existing and future white-label industry partners.
  • Exposure to the protein-enhanced and functional food industry with majority ownership of ProteinQuest, which specializes in producing a wide range of proprietary hemp seed derived protein powders, cooking oils, and beverages.

Embark Facilities:

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Disclaimer

BevCanna Announces Definitive Agreement to Acquire Embark Health Inc. Emerging leader in innovative health and wellness beverages and products, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) announces today that it has entered into a definitive agreement dated September 19, 2021 …

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