SOL Global Investments Corp (OTCMKTS:SOLCF) is on an acquisition spree to enhance footprint in the legal cannabis market. It took over the assets and operations of 3 Boys Farms, LLC. In 2019, 3 Boys will inaugurate eight dispensaries in Florida. SOL Global is exploring options for overseas expansion mainly in Europe in the legal cannabis space through partnerships and acquisitions. The company accomplished several strategic alliances so far in 2019 to realize this goal.
The Florida Department of Health has approved sale/ transfer of the Farm License of 3 Boys Farms LLC to Sol Global from CannCure Investment Inc. It is part of the strategic expansion plans of SOL Global. The Florida state license allows the company to process and cultivate and dispense medical marijuana. CannCure will transfer all assets and operations to Sol Global as part of the deal valued at $41.21 million. Sol Global will own the dispensaries and farms of CannCure, a privately held entity.
3 Boys will establish the first two dispensaries in Florida probably in April 2019. The company also plans to open 6 dispensaries in retail and prime medical corridors across the Florida towards the end of 2019.
3 Boys begins extraction and processing
3 Boys will begin the processing and extraction operations at an Indian town, Florida based GMP farm/ lab facility, which began operations in the first week of March 2019. The company will start the cultivation in Q4, 2019.
SOL Global is also planning to inaugurate clinics for the users of medical cannabis across the UK. Heavenly Rx, a subsidiary of SOL, took over hemp farms spanning on 568 acres on March 7, 2019, for biomass production. The acquisition includes agriculture property spanning on 148 acres in Whitely County, Kentucky, and agriculture property spanning 420 acres in McMinn County, Tennessee. The temperate climate in these areas is ideal for outdoor and indoor growing.
SOL Global has established the subsidiary in February 2019 with an initial focus on cultivation. Heavenly will also have interests in THC free cannabinoid and CBD/ hemp based wellness industry assets. The company will also engage in the development of CBD offerings including tinctures, balms, oils, and vape ready products.
SOL Global also acquired a stake of 10.3% in Sacred Hemp, a premium hemp company. Sacred Hemp is engaged in the production of hemp seed oil infused products such as massage oils, pain relief balms, personal lubricants, feminine products and salt soaks.