Saskatchewan-based OneLeaf Cannabis Corp. has been acquired by a beverage company looking to cash in on cannabis-infused drinks.
Hill Street Beverage is set to pay $16 million for OneLeaf and its assets, including its 4,478 square-metre facility near Regina. In addition to cultivating cannabis. the production plant in the RM of Sherwood and the City of Regina’s Joint Planning Area will house Hill Street’s bottling, canning and infusing lines.
The acquisition isn’t quite a done deal.
OneLeaf has applied for a standard cultivation and processing licence from Health Canada. These would allow for the cultivation and sale of cannabis. Hill Street and OneLeaf expect the licence to be granted this summer. The deal with Hill Street is contingent on the licence.
Vancouver-based Hill Street produces alcohol-free beer and wine.
According to Hill Street CEO and chairman Terry Donnelly, OneLeaf employs seven people. Donnelly said all current employees will be hired following the acquisition and that, to hit their