Linton says he has lined up an option to acquire a 'humongous' greenhouse in California as part of a broader strategy to enter the U.S. market quickly
Martello will soon begin trading on the TSX-V under the symbol MTLO
With this latest acquisition, the small-town Ontario grower’s ambitions of building a global cannabis powerhouse come closer to reality.
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Outgoing CEO Bruce Linton will remain active within the firm and become Martello’s co-chairman of the board alongside Terry Matthews.
The Ottawa-area pot producer is the largest of its kind in the country and has e-commerce operations and grow sites in six other provinces.
The venture will create a new Canadian home base for Amsterdam-based Green House Brands and Organa while Canopy Growth has the right to purchase all the cannabis products produced by Agripharm.
Revenue in its second quarter totalled $17.6 million, up from $8.5 million last year.
Canopy CEO Bruce Linton said the partnership marks the first major wine, beer and spirits producer to invest in legal cannabis and will lead to collaboration on cannabis-based drinks.