TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) — Lineage Grow Company Ltd. (the “Company” or “Lineage”) (CSE:BUDD) is pleased to announce the signing of a definitive agreement to acquire the assets of Rosebuds Bakery, LLC d/b/a Terpene Station and Brooklyn Holding Co d/b/a Terpene Station Portland (the “Terpene Station Acquisition”).
The Terpene Station Acquisition comprises a chain of two retail dispensaries in Oregon operating under the “Terpene Station” banner with locations in southeast Portland and downtown Eugene. Terpene Station is a leading cannabis retailer in Oregon engaged in the marketing and sale of cannabis flower, edibles, and oils with the Portland location being the first Oregon Liquor Control Commission (“OLCC”) licensed recreational store in the State of Oregon.
Lineage has received approval from the OLCC to transfer the license associated with the Terpene Station Eugene location and is awaiting approval regarding the Portland location. Management anticipates final closing of the Terpene Station Acquisition sometime in October 2018. Upon closing, Lineage will deploy an integration and performance improvement plan to maximize value using best-in-class operating procedures and marketing strategies.
Peter Bilodeau, CEO of Lineage, commented – “With this acquisition, we’re executing on our growth strategy to meet the increasing demand for high-quality craft cannabis in Oregon and along the I-5 Corridor. We’re excited to welcome the Terpene Station team to our corporate family and look forward to working in concert with them to integrate these assets.”
The Company also wishes to report that the previously announced acquisitions of Walnut Oaks, LLC d/b/a Agris Farms and Lucrum Enterprises Inc., d/b/a LUX Cannabis Dispensary are advancing with execution of definitive agreements and closings anticipated in short order. Furthermore, the Company’s proposed reverse takeover transaction with FLRish Inc. d/b/a Harborside is progressing and management will provide updates in due course.