Another of the country’s licensed producers has announced a purchase, with Peace Naturals Project Inc.’s acquisition by PharmaCan Capital Corp, creating the first LP with operations in both Ontario and British Columbia.
Peace Naturals Project Inc. was granted a license in 2013 and currently operated a 38,000 sq. ft. grow facility in Ontario.
PharmaCan CEO Mike Gorenstein said the transaction means Peace will join In The Zone Produce Ltd. as PharmaCan’s second owned licensed producer, along with a 21.5 per cent stake in Whistler Medical Marijuana Company, and investments in other LPs like ABcann and Hydropothecary along with three other LPs in the process of obtaining their license.
Although the government hasn’t made any announcement about licensed producers’ role under upcoming legalization regulations, Gorenstein said PharmaCan is already looking ahead to the recreational market.
“The company is well positioned for the establishment of the Canadian recreational market,” said Gorenstein.
In 2015, it was announced that Canopy Growth Corporation had filed a lawsuit against Peace Naturals, citing accusations of gross negligence and/or breach of contract due to Peace’s alleged mishandling of Canopy plants, resulting in the death of several plants.
Canopy then attempted a takeover of Peace, which was ultimately unsuccessful.