Proactive Investors - Run By Investors For Investors

SOL Global invests US$30 million into US cannabis company to secure hemp supply

The Toronto-based company announced Thursday it had made a US$30 million investment in hemp company Blühen Botanicals through its portfolio company, Heavenly Rx
cannabis with dollar sign
SOL Global invests in cannabis and cannabis-related companies operating in legal US states

SOL Global Investments Corp (CSE:SOL.CN) (OTCMKTS:SOLCF) announced Thursday it had made a US$30 million investment in hemp company Blühen Botanicals LLC through its portfolio company, Heavenly Rx Ltd.

The Toronto-based SOL Global invests in cannabis and cannabis-related companies operating in legal US states as well as Europe.

According to SOL, Heavenly Rx will become Blühen’s exclusive supplier of bulk hemp-derived CBD distillates, as well as isolates and extracts, securing a source of product ingredients for Heavenly while insulating the company from volatile pricing in the hemp biomass wholesale markets.

READ: Heritage Cannabis makes major move by acquiring part of DNA testing company

"Since its founding, Blühen's focus on advanced genetics, extensive farming partnerships, and an innovative processing and extraction model has helped shaped it into the visionary market leader in the hemp industry it is today," said Brady Cobb, CEO of SOL Global in a statement. "This investment in Blühen will allow Heavenly Rx to control the quality and pricing of its CBD isolate, the most important ingredient that Heavenly Rx will utilize across all of its consumer product lines."

Tennessee-based Blühen will use the $30 million to bolster its research and engineering teams and focus on the development of new retail and ecommerce operations.

Shares of SOL Global fell 2.5%, or C$0.06, on Thursday to sit at C$2.32 by midday in Canada.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full SOL profile View Profile

SOL Global Investments Corp Timeline

Related Articles

cannabis plant
December 14 2018
The Vancouver-based cannabis group services medical and recreational cannabis markets in Canada and internationally
cannabis extract
January 16 2019
The Kelowna, BC-based cannabis company specializes in the research, development, production, and testing of high-quality cannabis extracts and oils
FSD Pharma facility
Tue
The indoor hydroponic facility will be optimized for large-scale, medical-grade cannabis production and once complete, is expected to have over 3.9 million sq/ft available for production
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use