SOL Global Investments has announced a change of business from an international cannabis investment company to a US multi-state cannabis operator. This was done under the Life Sciences category of the Canadian Securities Exchange. The operations will include three of the top ten cannabis markets in the US – Florida, Michigan, and California. In compliance with state laws and regulations, the company has focused on keeping the capital and operating expenses low by integrating operations and streamlining management, brand deployment, and the company’s delivery model.
The CEO, Brady Cobb, stated that part of the company’s success is knowing when to enter the market and cited their success in Canada and Florida. They planned for this market entrance to coincide with the rapid growth of the legal US cannabis marketplace. They also waited for certain federal policy reform initiatives. He believes that SOL Global will be able to capitalize on this growth. They are also proposing a change of name to Bluma Wellness to help signify this change. The company selected this name based on their goal to ensure that patients and consumers benefit from their products to enhance their daily lives and to bloom, or flourish. They also want their investors to be profitable by improving operational and logistical efficiencies.
Additionally, the company is looking to acquire MSO Assets which includes the licensed dispensaries operated by MCP Wellness in Michigan. They will also acquire Humboldt, Northern Emeralds, and One Plant USA in California. In Florida, they will continue to operate their existing 3 Boys Farm. The MSO’s products will incorporate Northern Emerald’s genetics and innovative cultivation and processing techniques. Everything will be based on the brands and products that SOL Global has invested in which will then be strategically deployed in the MSO’s dispensaries. It is forecasted that MSO will help close the gap between traditional THC products and mainstay CPG products.
All is expected to ahead with all required government approvals and the completion of the change of business and corporate name are subject to certain conditions including shareholder approval as well as the approval of the Canadian Securities Exchange.