CANADA: Alternate Health Corp., an international leader in technology solutions for the regulated cannabis industry, announced that it has signed an agreement to acquire a majority stake in California cannabis company Kare MMJ. As part of the agreement, Alternate Health will also acquire Bionic Bee, California’s premiere flavoured cannabis extract manufacturer.
The acquisition will give the Company immediate exposure to California’s value-added cannabis market, with Kare MMJ’s 5,000 square foot extraction facility in the Greater Los Angeles area. Located in Sun Valley, part of Greater Los Angeles’s San Fernando Valley, Kare MMJ has operated as a not-for-profit under California’s collective medical marijuana regulations and is currently in the final stages of converting to a for-profit company and obtaining its state cannabis license.
Alternate Health expects to begin wholesale and retail sales of its products under California’s new adult-use regulations by late January 2019.“With Alternate Health’s recent acquisition of distribution, processing and manufacturing licenses in Humboldt County, the Company is taking an aggressive approach to capturing a significant share California’s adult-use cannabis market,” says Dr. Michael Murphy, Chairman and CEO of Alternate Health. “By incorporating Kare MMJ and Bionic Bee into Alternate Health, we immediately gain invaluable market expertise and an established brand to move forward at this exciting time in the industry.”
Founded in 2015, Kare MMJ is a leading producer of cannabis extract products. Through its flagship brand, Bionic Bee, the Company has subsequently established a loyal medical cannabis following, gaining recognition for its creative flavours, ranging from Maui Mango to Orange Diesel. Alternate Health intends to build on the success of the brand, expanding throughout California’s adult-use market, including the profitable business of wholesale extraction for other California-based brands.