MedCana expands South American cannabis footprint through six acquisitions

Texas-based MedCana (OTC PINK: SFWJ) expanded its global cannabis footprint with the acquisition of seven companies, mostly in the South American nation of Colombia, with a total of 23 cannabis-related business permits.

MedCana, which is focused on “the pharmaceutical-grade cannabis industry,” said it purchased 100% ownership of:

Cannabicolombia Group
Cannehealth Business
Organic Leaves
Remedium
Royal Cannabis
Vital Cannabis
Elemental Genetics

All of the acquired companies are based in Medellin, Colombia, with the exception of Remedium, which is based in Boston.

MedCana also purchased a controlling stake in an eighth company in Medellin, Eko2o Environmental Solutions, which specializes in greenhouse construction in Colombia and other parts of South America, MedCana said in a press release. It characterized the company as “a critical infrastructure supplier for some of Colombia’s largest flower producers.”

The seven acquired companies hold a combined 23 cannabis-related permits, including seven for CBD production, seven for THC production, seven for the fabrication of cannabis goods, and two for cannabis genetics, MedCana said in the release.

“This marks a new era in MedCana’s operations as the company continues to build its presence on the global stage and explore further avenues for offering its premium cannabis products,” the company asserted in the release.

CEO Gabriel Diaz also asserted that the acquisitions “put MedCana in a position to succeed and ensure profitably.”