Medical Marijuana Inc. — a San Diego company that’s been acquiring startups in the hemp and CBD industries — has announced its intention of buying a startup hemp products company called Kannaway.Medical Marijuana Inc. intends to purchase Kannaway from General Hemp LLC, the company that invested seed money into Kannaway last year to help it get off the ground.
Kannaway was recently valued at somewhere between $120 and $242 million by Houlihan Capital, a respected voice in the valuation of such companies, but the final sale’s amount remains unannounced.
In an interview with Marijuana Business Daily, Kannaway’s CEO Jeff Rogers explained that the deal offers “enormous” opportunities for expansion. Kannaway already distributes products in all 50 states and U.S. territories (including Puerto Rico), and could expand next into Mexico, Brazil, Spain, the Philippines, or Korea.
This could soon become the largest M&A in the cannabis industry to date. The deal may take up to 90 days to close.
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Photo Credit: tec_estromberg
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