RavenQuests BioMed (CSE: RQB) announced that the company has acquired Bloomera (8649081 Canada Inc.), a licensed Ontario cannabis producer under the Access to Cannabis for Medical Purpose Regulations.
RavenQuests BioMed’s acquisition of Bloomera was focused on their cultivation license in the greater Toronto area and the company’s ability to product 2,000kg of cannabis annually. RavenQuest also owns Alberta Green Biotech, which runs operations in the western region of Alberta, which has a current output of 7,000kg a year.
The company’s CEO George Robinson believes that this recent acquisition will “accelerate our growth trajectory by at least six months…This means we have the presence with funded capacity in key provincial markets..”
Under the terms of the agreement, RavenQuest BioMed has acquired all of Bloomera’s outstanding share capital for a cash payment of $15M and the issuance of 10,400,000 common shares to the existing Bloomera shareholders.
Raven Quest BioMed had recently raised $19.5M in a brokered private placement with Haywood Securities Inc. acting as the lead agent, as well as, a non-brokered private placement of 4,0052,000 units worth a total of $5M.