UK-based Grow said it has acquired 100% of Spain’s Sanoid Isolates, letting the company expand into an integrated cannabis production, R&D, and distribution company.
Grow said the deal means it can increase its portfolio of cannabis medicines through a sustainable and cost-competitive supply chain.
The Sanoid facilities, based near Seville, include eight hectares of outdoor production capacity and four hectares of greenhouses.
Founded in 2017, Grow claims to be one of the largest importers of medical cannabis in the UK and Ireland with a 20% market share. The transaction also gives it a presence in Spain, where it anticipates favorable changes in the law, the company said in a press release.
“The deal not only solidifies our ability to produce medicines for those patients we support in the UK but will also support us as we expand globally,” Grow CEO Ben Langley said.
Grow announced earlier this year it is in a deal with U.S. liquid cannabis company Advanced Liquid Technology (ALT) to market and distribute that company’s products in the UK and Germany by early 2022. The company has existing marketing and distribution partnerships in the UK with leading medical cannabis brands such as Aurora, Tilray and Columbia Care.
Grow also said it recently raised £3.2m (€3.74 million) in one hour through a crowdfunding campaign in support of Seedrs, a start-up investment platform.