Mera Cannabis Corp. announced that, effective July 7, 2021, it completed the acquisition of all of the issued and outstanding shares of Greenleaf Productions Inc. (“Greenleaf“) under a share purchase agreement with the shareholders of Greenleaf. As consideration for the Greenleaf shares, Mera issued common shares from the treasury to the shareholders of Greenleaf. Also based in St. Thomas, Ontario, Greenleaf specializes in hydrocarbon and ethanol extraction of cannabinoids and substantially adds to Mera’s cannabis processing capabilities. Greenleaf-manufactured products can be found across the country in the vape and concentrate categories.
On the transaction, Zubin Jasavala, Chief Executive Officer of Mera remarked, “We have been working closely with the Greenleaf team for over a year on several projects, including products that are available in market today and new projects that will come to fruition in the months ahead. This acquisition was a natural next step that became increasingly apparent to both parties.”
Rick Smyth, President of Greenleaf stated, “At Greenleaf, we have had the pleasure of working with Canada’s best-in-class cannabis companies in a variety of capacities. The synergies we have with Mera were clear from the beginning, and we can now bring our combined value to our clients in a much more meaningful way.”
Mera is also pleased to announce that Avana Labs Inc. (“Avana Labs“), a wholly-owned subsidiary, was issued its Standard Processing license by Health Canada on June 25th, 2021. This license permits Avana Labs to possess cannabis, produce cannabis, other than by cultivating, propagating, or harvesting it, and sell cannabis in accordance with subsection 17(5) of the Cannabis Regulations. Following the new license and the closing of the Greenleaf transaction, Mera and its subsidiaries now operate four licensed sites in St. Thomas, Ontario.
About Greenleaf Productions Inc.
Greenleaf is a private Canadian cannabis extraction company with ethanol and hydrocarbon processing capabilities in St. Thomas, Ontario. The only facility of its kind in Canada, Greenleaf uses a state-of-the-art ethanol system and proprietary extraction technology to provide superior yield with the clarity, colour and purity cannabis consumers are looking for. By creating industrial-scale extraction with a small operational footprint and reduced operating costs, Greenleaf is positioned to competitively support cannabis companies rival the legacy market across the country.
About Mera Cannabis Corp.
Mera Cannabis is a private Canadian cannabis company with medical and recreational business divisions. Mera is focused on producing consumer-driven, high-value cannabis products at its flagship, EU GMP-built cultivation and processing facility in St Thomas, Ontario. This production activity is supported at two additional sites for extraction and general processing. Additionally, Mera jointly owns Countryside Cannabis Corp., a 100-acre outdoor site that provides unique access to high quality cannabis biomass. Mera’s family of cannabis brands and businesses include its subsidiary and CannaWay Clinics Inc., a national network of medical clinics specializing in cannabis treatment programs. To learn more about Mera, visit meracannabis.com.
