While much of Canada may be abuzz over the legalization of recreational cannabis next week, a Gatineau firm focused on marijuana-related wellness products says it’s acquiring an Ontario company specializing in natural health items such as powders, sports drinks and probiotics.
LiveWell Canada (TSX-V:LVWL) says it is purchasing Windsor-area firm Acenzia for $2 million in cash and $18 million in common shares of LiveWell. The local hemp and cannabis company is focused on CBD and other cannabinoids – compounds typically associated with pain relief and other medical benefits without the psychoactive effects commonly associated with marijuana.
Acenzia, meanwhile, develops personalized diagnostics and therapeutics specific to particular medical conditions. LiveWell president David Rendimonti said in a statement that Acenzia’s products “fall into a category of their own.”
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LiveWell, which is converting a 550,000-square-foot greenhouse in Ottawa’s rural south to a cannabis grow-op, notes that legalization and acceptance of CBD is accelerating at a rapid pace, causing “exploding” demand for CBD health and wellness products. As it eyes international markets, LiveWell highlighted Acenzia’s “strategic” location 15 kilometres from the Canada-U.S. border.
Acenzia’s co-founders and co-presidents, Indrajit Sinha and Grant Bourdeau, will both join LiveWell’s leadership team.
In a separate announcement, LiveWell said it is shuffling its executive roles, handing Rendimonti the title of CEO in addition to his duties as president. The firm’s co-founder and former CEO, Seann Poli, will become a special advisor to the company.
