SOL Global Investments Corp. has completed the acquisition of CannCure Investments, a privately-held Ontario corporation that indirectly holds 100% of 3 Boys Farms, a Florida limited liability company with a Florida state license to cultivate, process and dispense medical marijuana.
SOL Global acquired all of the issued and outstanding common shares of CannCure for a revised purchase price of US$41,207,519, which was partially satisfied by the issuance of 7,317,500 common shares of SOL Global at a negotiated price of CAD $4.00 per share to the sellers on a pro-rata basis.
According to the company, 3 Boys Farms' operations consist of 40,000 square feet of fully-operational greenhouses located on an eight-acre parcel of land. The existing facilities include a two-acre odor mitigation space that is run 100% with harvested rainwater, solar pumps and repurposed high-volume chilled air from the cultivation greenhouses, resulting in a zero-carbon footprint. "3 Boys Farms' innovations, including alternative energy use, greenhouse cooling designs, and rainwater harvesting, were recognized and honored by the Governor's Environmental Leadership Award. Additionally, 3 Boys Farms has commenced extraction and processing operations at its new GMP-certified farm and laboratory facility in Indiantown, Florida. The new facility will also include 64,000 square feet of indoor cultivation and processing space and 50,000 square feet of greenhouses. Cultivation at the new facility is expected to commence in the third quarter of 2019. The new facility will add to the production capacity of 3 Boys Farms, which currently harvests approximately 350 pounds of premium-quality cannabis flower per month out of its facilities in Ruskin, Florida", the team with the company explains.