When recreational cannabis was legalised in mid-October this year in Canada certain Australian companies were masterfully poised to take full advantage of the booming market.
THC Global (ASX: THC) saw this new trend a mile off and is one of the few Australian businesses really starting to dominate the fresh industry.
Its domination of Canada continues with today's announcement that the company has acquired a new cannabis growing facility.
The Australian company's Canadian wholly owned subsidiary, Vertical Canna Inc, today signed an agreement with the growing facility as part of THC's ambition to establish full-scale growing capacity in Canada.
The Canadian facility is currently in its final stages of becoming a licenced producer of Cannabis; a necessary requirement for THC especially if it intends to import what's grown there.
Once completed, THC says its new full-scale cannabis growing facility will be able to offer direct retail sales in addition to supporting other commercial sales.
The company is also looking to engage specialist personnel in the Canadian sector to assist in building this facility up.
THC Global chief executive officer Ken Charteris says the acquisition will assist THC in becoming a true global player.
"THC Global is looking at entering new international markets to further cement its presence as a full-scale global cannabis producer," says Charteris.
"Canada is a logical next step in the Company's global expansion plans given our existing Canadian presence with Crystal Mountain Products. Our focus in identifying new global opportunities will be to seek acquisition assets and strategic partnerships that lead to near term revenue generation."
"Further, the opportunity to enter the retail sector in Canada in the coming months is very attractive and will offer deep synergies with our Crystal Mountain Products business and may lead to future supply opportunities from our existing Australian production facilities."
THC was named the 10th largest Australian cannabis company in Business News Australia's Top 20 Cannabis Companies 2018 list.
Shares in THC are down 0.92 per cent to $0.54 at 12.28pm AEDT.
Business News Australia