Harvest One Cannabis Inc. (TSXV: HVT) announced this morning that the company has today entered into a definitive agreement to acquire of all the outstanding shares of Dream Water Products Canada Inc. and Sarpes Beverages, LLC in exchange for a total of US$12.5 million in cash and C$18.5 million in shares for a total of approximately C$34.5 million to facilitate the transaction.
Harvest One Cannabis has facilitated the deal after the news that Dream Water Canada is establishing a CBD based product development program. Products will include oral sprays, CBD tinctures, and water soluble based product for the planned recreational Canadian market.
Dream Water’s product line in available in over 30,000 retail stores in Canada, the United States, and Mexico. The company is also in the process of launching an international distribution division that will be focusing on obtaining licenses to venture into international markets.
Andreas Gedeon, CEO of Harvest One, gave this statement in the press release:
“Dream Water positions us as first movers in both the global cannabis and sleep markets, two robust industries that are expanding rapidly. The synergies between the two are expected to add significant value for our shareholders.”