Hicksville, NY—Canbiola, Inc. announced the closing of an all-stock transaction to acquire 51% of Green Grow Farms, Inc. in a press release.
Green Grow Farms is licensed by New York State to grow hemp under the Hemp Research Pilot Program. It grows industrial hemp for grain, flower, and cannabidiol (CBD), and has successfully grown and harvested 6 acres on two farms in Calverton, NY this year, yielding 12,000 pounds of dried biomass.
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The close of this transaction, the press release says, furthers the full vertical integration goals of Canbiola, which currently owns consumer brands under the names of Pure Leaf Oil, Seven Chakras, and Canbiola, and has a full company-owned production facility in Lacey, Washington.
Canbiola CEO Marco Alfonsi said in the release: “We are pleased to have closed this acquisition in a timely manner as we continue to move our company forward. Green Grow Farms is a key component in moving forward with our growth initiatives, and to that end we will be providing our shareholders with an annual recap for 2019 and outlining our 2020 goals later this week.”