F1SeedTech and NewBreedSeed ('NBS') have entered into a definitive agreement under which F1SeedTech will acquire 100% of the shares of NBS. The merger combines the auto-flowering breeding activities of NBS and the short-day breeding activities of F1SeedTech in Israel and the Netherlands.
"Cannabis F1 hybrids offer the product of choice in the consolidating and professionalizing the Cannabis market for its superior quality and cost performance." NBS will continue to operate under the F1SeedTech brand, which is already being promoted by F1SeedTech outside the US.
Key transaction highlights:
- F1SeedTech's first entry into the fast-growing professional Cannabis and Hemp market in the USA via Oregon-based NBS.
- NBS breeding competency has resulted in F1 Cannabis hybrids that are attractive because of its distinct, unique, and stable Cannabis & Hemp varieties in combination with low-cost crop management.
- F1SeedTech is answering the growing demand for auto-flowering seeds by strategically expanding the range of F1 Hybrids with auto-flowering varieties.
- The scale and combination of the individual breeding programs and related growing technologies will allow F1SeedTech to accelerate its growth in all segments of the Cannabis business (adult-use, medicinal, and hemp/CBD )
- NBS will now further expand its breeding program and sales activities under the name of F1SeedTech
Harold Frazier, General Manager of NewBreedSeeds comments: "This transaction is a great compliment to the NBS team, and it will be beneficial to our existing and new customers. We have been successful with the supply of F1 hybrids of cannabis and hemp that have received customer loyalty."
Maikel de Bresser, COO of F1SeedTech, comments: "We welcome this first step in North America. This is a highly synergistic transaction combining multiple breeding and growing competencies of our companies. Our F1 hybrid seeds offer the superior alternative for today's starting material since F1 seeds have a great reputation for high yield and high quality/cost ratio in many Agri crops like corn, sugar beat, and vegetables."
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