Tweed Marijuana has completed its blockbuster acquisition of Bedrocan Cannabis, creating a dominant force in Canada’s MMJ industry.
The all-stock deal between the publicly traded companies was valued at roughly $61 million Canadian dollars when it was announced earlier this year.
Bedrocan shareholders own about 40% of the new company, while Tweed shareholders own 60%, according to 24/7 Wall St.
The merged company has more than 5,600 MMJ patients as customers and will soon process MMJ oils in addition to dried cannabis flower. Bedrocan is now operating as a unit of Tweed, according to the news site.
Tweed’s revenue in the first quarter of 2015 came out at $1.71 million Canadian, according to 24/7 Wall St, thanks to sales of roughly 216,000 grams of MMJ, with an average price of $7.74 per gram.