BevCanna Enterprises Inc. BEV BVNNF, a producer of cannabinoid-infused beverages, has purchased Naturo Group Investments Inc.
Following months of negotiations, the company finalized a previously announced deal to acquire the beverage developer and manufacturer.
The deal was initially scheduled to close on Jan. 20.
Naturo became a wholly-owned subsidiary of the BevCanna, which will now run both companies' joint business.
The transaction improved BevCanna's balance sheet, bringing it to over $55 million in assets.
It secured ownership over an on-site natural alkaline spring water aquifer, valued at about CA $18 million ($14.1 million).
The acquisition also resulted in boosting the company's retail footprint with over 3,000 retail points.
In addition, BevCanna will now own Naturo's 40,000 square feet beverage facility as well as 315-acres of outdoor cultivatable land.
"We're very excited to realize our transformation into a diversified health and wellness company," BevCanna CSO John Campbell disclosed Monday.
"Consumers continue to flock to health and wellness focused products, and our ability to now reach an entirely new market of customers in this area, on top of the growing demand for cannabis products, is a combination very few companies are able to offer," Campbell added.
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