C21 Investments (CXXI.C) announced the acquisition of Megawood Enterprises, owner of the Pure Green Dispensary in Portland, Oregon.
The company had a busy 2018, buying up properties and companies in Nevada and Oregon to add to their swelling cannabis empire. C21’s latest acquisition further solidifies their growing position in Oregon, adding a well-known and well-regarded dispensary to their already existent holdings in the state.
Pure Green is one of Portland’s original licensed cannabis retailers, dealing in both medical and recreational product since it was founded by Matt and Meghan Walstatter in January 2014. The Walstatters have been public policy advocates for legalized cannabis for the past two decades. The 3,000 square foot retail dispensary is located in the hollywood neighbourhood, on Portland’s “Green Mile.”
“Pure Green has an enviable reputation and we want to replicate its success throughout our operations,” said Robert Cheney, president & CEO of C21 Investments.
The co-founders of Pure Green will continue to work with C21 Investments’ expanding retail network throughout Oregon.
“Pure Green understands the Oregon canna-businesses, and we knew it was time to become part of something larger and C21 Investments is the perfect fit. We’re impressed by the dynamic combination of brands and personalities that comprise the C21 Investments family,” said Matt Walstatter.
Some of C21’s other 2018 acquisitions in Oregon include:
- Eco Firma Farms
- Ganja Leaf
- Phantom Farms
- Swell Companies.
Phantom Farms possesses 80,000 square feet of outdoor cannabis cultivation space in their main facility, and 40,000 square feet under development in southern Oregon. They also have a 5,600 square-foot facility including a distribution warehouse and extraction laboratory, and a 7,700 square foot indoor grow facility in central Oregon.
Swell is into the extraction, manufacturing and distribution of THC and CBD products with more than 50 of its branded products available in over 275 retail locations across Oregon. Its in-house brand is Dab Society Extracts and Hood Oil, and it deals in raw oil, encapsulates and vaporizers. The processing capacity of Swell’s Portland facility is 5,000 lbs of raw material a month, and the numbers translate to between 220,000 and 270,000 grams of processed high-quality oil-based extracts a month.
Eco Firma Farms has a 23,000 square foot grow facility in Canby, Oregon.
“We’ve seen a lot of changes in the cannabis industry and Matt and I believe joining the C21 Investments team will elevate our brand and further our capabilities. We want to continue to provide Oregon’s medical patients and recreational customers with affordable, quality cannabis. The resources of C21 Investments will allow us to bring our community-oriented approach to customer service and strong emphasis on product knowledge to an ever-expanding audience,” said Meghan Walstatter.
The purchase price for Pure Green was USD$825,000, payable in cash and a non-interest bearing convertible promissory note.
— Joseph Morton
Full disclosure: C21 Investments is an Equity.Guru marketing client.