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60,000 sq.ft. expansion planned
CAN (BC): Aphria acquires fellow MJ grower Broken CoastAphria has entered into a binding letter agreement to acquire 100% of the issued and outstanding share capital of Broken Coast, a cannabis producer located in British Columbia.
The Transaction is expected to add incremental annual production of 10,500 kgs, a portion of which is market ready today, elevating Aphria’s forecast annual production to 230,000 kgs while also providing Aphria with geographic diversification, a cross-Canada distribution platform, and access to over 40,000 medical patients.
Broken Coast operates a fully licensed, purpose-built, indoor cannabis production facility on Vancouver Island. Currently 26,000 sq. ft., the facility is undergoing an expansion that is near-complete and will bring total square footage to 44,000 sq. ft., capable of producing a cumulative 4,500 kgs per year. The facility sits on a 4.5-acre parcel of owned land that has the necessary surrounding infrastructure to support further expansions, specifically Broken Coast’s planned Phase IV expansion to bring total capacity to 10,500 kgs per year.
As part of the Transaction, Aphria approved the immediate commencement of Broken Coast’s Phase IV expansion. The 60,000 sq. ft. expansion is expected to cost under $20 million and will increase the facility’s annual capacity from 4,500 kgs per year to 10,500 kgs per year. The Expansion is anticipated to be completed by late summer 2018, with first product sale occurring in early 2019.
Founded in 2013, Broken Coast was the fourth (4th) licensed producer in British Columbia and twelfth (12th) licensed producer in Canada. Utilizing a proprietary grow method that is supported by a highly automated and standardized growing system, Broken Coast’s name and brand has become synonymous with premium cannabis. The company has amassed a loyal patient base of over 10,000 registered patients, of which over 50% are domiciled in Western Canada, by offering premium quality cannabis at an affordable price.
“Adding one of Canada’s most sought after premium brands represents a major triumph for Aphria and our shareholders and firmly establishes our position as a Canadian leader in premium indoor cannabis production,” said Vic Neufeld, Chief Executive Officer of Aphria. “Broken Coast has proven that you can grow premium quality cannabis, charge a reasonable price and earn a profit all at the same time. Our two companies are closely aligned, particularly as it relates to our relentless focus on production costs and profitability. We look forward to learning from each other and bringing more Broken Coast cannabis to current medical patients and future adult recreational use consumers in Canada.”
“Broken Coast is committed to providing a premium and affordable product to its patient base while staying true to BC’s iconic cannabis brand and culture,” said Roberto Bresciani, Director and Co-Founder of Broken Coast. “Joining the Aphria team will open doors to keep innovating with our unique production process and cannabis genetics. While we are joining a talented large-scale greenhouse operator, Broken Coast will retain a high level of independence and our existing management and production teams will continue to drive our corporate strategy and produce incredible cannabis products.”
For more information:
President & CEO
Publication date: 1/16/2018
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