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Marijuana delivery company Smoakland is acquiring Sublime, a fellow California operator that manufactures pre-rolls, vaporizers, extracts and edibles.
The acquisition includes Sublime’s employees, its manufacturing facility and license, according to a news release.
Both companies are based in Oakland.
Financial terms weren’t disclosed, but it was an all-cash deal in exchange for 100% equity, Chang Yi, Smoakland’s CEO and chief legal officer, told MJBizDaily via email.
“No debt service involved. Not a (leveraged buyout) situation at all,” Yi noted. “Clean purchase.”
The acquisition will allow Smoakland to expand its manufacturing and distribution capabilities, according to the release.
Smoakland already offers the Smoakland and Sierra Hillz brands; Sublime is known for its Fuzzies brand.
“Combining the strengths of our manufacturing and distribution platforms allows us to create incredible value for the category and further our ability to deliver products with the utmost value and quality in the cannabis industry,” Yi said in a statement.
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