- Vibe Bioscience (CSE:VIBE) has completed its acquisition of a 13,500 square foot cannabis cultivation facility in Crescent City, California
- The company issued a total of 600,000 common shares to acquire NGEV, which owns the facility, and assumed roughly C$463,000 in debt
- With the new facility now secured, Vibe is anticipating an increase in cannabis flower and clone production
- Vibe Bioscience (VIBE) is currently steady and is trading at 31 cents per share
Vibe Bioscience (CSE:VIBE) has completed its acquisition of a 13,500 square foot cannabis cultivation facility in Crescent City, California.
The deal is the final component in a sale and purchase agreement with NGEV Inc., under which the Calgary-based company has now acquired all of NGEV’s issued and outstanding securities.
This was undertaken through the issuance of 600,000 common shares and the assumption of roughly C$463,000 in debt.
NGEV is incorporated under Californian law, and owns the Crescent City facility along with a variety of cultivation equipment.
The addition of the facility will provide a turnkey operation for the production of high-quality cannabis flower and clones. It marks Vibe’s second licensed site, and is anticipated to substantially increase the company’s ability to supply its Hype Cannabis Co. range of products.
Mark Waldron, CEO of Vibe Bioscience, said he is excited to have completed the acquisition.
“This represents a unique and strategic opportunity for Vibe to add premium cultivation capacity to our existing Hype Cannabis Co. high-quality flower, distillate vape cartridges, and wax concentrates.
“Our planned expansion of the cultivation canopy by 40 per cent will enhance Vibe’s supply chain and help Vibe meet the extraordinary demand we are seeing in our stores for high-quality flower and Hype Cannabis Co. products,” he said.
Its been a strong year thus far for the company’s market share, which has risen almost 250 per cent since January 1st, despite the wide-spread market impacts of the COVID-19 pandemic.
Vibe Bioscience (VIBE) is currently steady and is trading at 31 cents per share at 12:12pm EDT.