(This story has been updated to reflect that Indus will change its name to Lowell Farms.)
Indus Holdings said it has acquired another well-known California marijuana brand, Lowell Herb Co., in a cash-and-stock deal worth $39 million.
The terms of the acquisition include $4.1 million in cash along with 22.6 million shares of Indus, which trades on the Canadian Securities Exchange (CSE) as INDS and on the U.S. over-the-counter markets under the symbol INDXF.
According to a news release, once the acquisition of Los Angeles-based Lowell Herb Co. is complete:
- Indus Holdings will change its name to Lowell Farms.
- The new entity plans to list on the CSE and the OTC markets on March 5 as LOWL and LOWLF, respectively.
As a brand, Lowell specializes in standard marijuana goods, including flower, pre-rolls, concentrates and vape products.
Lowell’s addition to the Indus portfolio gives the parent company an even broader reach into the competitive California market.
“The cannabis industry is awash in brands competing for our attention, but Lowell has risen to the top of the fray,” George Allen, board chair of Salinas-based Indus, said in the release.
“Every resource under our control will be employed in unlocking Lowell’s full potential.”