TORONTO — Hill Street Beverage Company Inc. has signed a binding letter of intent to acquire OneLeaf Holding Corp., a privately owned, licensed cannabis cultivation and processing applicant based in Regina.
Both companies want to expand cannabis-consumption options beyond popular methods, such as smoking and vaping, with the hope of becoming leaders in the infused-beverages market. They believe that this partnership will lead to a new and differentiated delivery system for patients and consumers to consume cannabis in a public setting.
“The OneLeaf team has built a world class, 48,200-sq.-ft. facility (built to EU GMP standards) that will house growing, extraction and infusion. It will house the infusion, bottling and canning of our beverages under one roof…We anticipate OneLeaf’s elite genetics, which include many cultivars not legally available anywhere else, will pair perfectly with our beverages to provide unique attributes and experiences for our consumers,” says Terry Donnelly, Hill Street’s chairman and CEO. “We believe the integration of OneLeaf and Hill Street will make for a powerful force in the market and positions Hill Street to become a leading producer of infused beverages and other cannabis products.”
With operations housed in OneLeaf’s new facility, Hill Street estimates a projected output capacity of more than 300,000 cases of infused wine and beer and plans to continue expansion as additional facilities become licensed under Health Canada.
“With a complete portfolio of beverages ready for infusion, plus its demonstrated expertise in private-label and branded beverages, we believe the OneLeaf facility will become a landmark in the industry and the source of the finest cannabis-infused beverages and other cannabis products in the market,” says Trevor Green, CEO of OneLeaf. “With our world-class cultivation and extraction capabilities, we’ll be able to produce unique cannabis cultivars to match both beverage- and cannabis-consumption occasions and experiences, whether they are adult format, nutraceutical, sport-recovery, wellness or even prescription-drug products.”
The transaction will be finalized once the new OneLeaf facility has acquired its cultivation and standard-processing license, which is expected to be issued within the next four months.