PAO GRP INC/SH SH (OTCMKTS:PAOG) recently announced that it has acquired a cannabis grow and processing facility located in Romulus, Michigan.
The acquisition highlights the company’s focus on medical cannabis. PAO Group’s subsidiaries grow medical cannabis in Michigan and are also trying to secure LARA’s MMFLA license that will allow the subsidiaries to cultivate, process and transport medical cannabis. Karl Riedel, the CEO of PAO Group stated that the new facility that his company is acquiring is located on multiple acres of land. It also has enough room for the company to expand or scale its capacities.
“We are very excited about the opportunity and look forward to servicing the existing wholesale client base of dispensaries and edibles companies in the state of Michigan,” stated Riedel.
Distillate as a vital part of the market
The CEO also noted that the acquisition will boost his company’s ability to offer premium quality distillate as one of the major brands in the sector. Distillate is the company’s strong suit in the cannabis industry because it is a versatile ingredient because it can be incorporated into different consumer products.
According to Riedel, THC / CBD compounds are extracted and processed through cannabis distillation and this process results in the production of refined oils that have 90% purity. These oils are then infused into various products such as topical solutions, pills, edibles, beverages, and vape pens among others.
The PAO Group CEO stated that the firm will continue to run its grow operation in Michigan courtesy of its Caregiver medical marijuana licenses following Dept. of Licensing and Regulatory Affairs’ (LARA) recent announcements. LARA will recommend that the Medical Marihuana Licensing Board (MMLB) should come up with a solution that will facilitate medical marijuana access by patients during an upcoming meeting on March 21. The goal is to allow various licensed facilities to keep sourcing their products from caregivers.
Meanwhile, Riedel also announced recently that his company appointed Andres Fernandez Chief Marketing Officer (CMO). He also praised Fernandez because the two have previously worked together in three companies and so the new CMO is ideal for the position based on his experience.