Blue Sky Hemp Ventures Ltd.a private Canadian company focused on the whole use of plants for hemp foods, extracts and sustainable industrial products announced that it has acquired True Northern Hemp Corp Retail and wholesale distribution assets including all current and future True North products.
True North is a leading hemp-based CBD supplier with growing private distribution channels through wholesale bulk ingredients and THC-free retail sales in the medical and recreational markets.
“We are delighted to see our distribution companies become part of the Blue Sky organisation,” he said. Brett HalvorsonPresident and Chief Financial Officer of the company.
according to Andrew PotterPresident and CEO of “The Blue Sky-True North, the blend also enhances Blue Sky’s existing extraction facility and creates a winning platform for low-cost, high-quality CBD products — especially as Health Canada liberalizes CBD distribution in Canada.”
The strategic benefits of the combined company include:
- Revenue and Usage Gain: The addition of True North products to Blue Sky’s portfolio is expected to add significant revenue in F2023 to Blue Sky’s business, driving increased overall usage of Blue Sky.
- High quality sustainable carbon Retail CBD Products: Blue Sky’s whole plant approach will allow the company to economically contract industrial hemp production to create high quality, low cost CBD extracts.
- Expanded CBD Innovation: True North is known for innovative, health and wellness-oriented products like CBD-infused Honey Sticks and THC-Free, High Potency Nectar Tinctures.
- Improving Positioning for Canadian CBD Deregulation: Blue Sky expects Health Canada to liberalize the distribution of CBD products in Canada over the coming years.
Potter added that the combined company’s focus on using the entire plant provides a structural cost advantage while creating a sustainable carbon footprint.
Furthermore, “True North and Blue Sky have similar founding mindsets focused on the whole botanical use of cannabis, making them the ideal partner to leverage and grow the True North brand in the future,” added Halvorson.
Canadian hemp sales: newly, Canada Statistics Retail sales for the month of September were released for Canada, with Increased marijuana sales August marginally lower to C$389.9 million. Alberta, the second-largest province and also where Blue Sky is located, was up 2.0% from August and up 13% from a year ago, according to New Cannabis Venture’s Alan Brochstein.
“August was revised from C$393.7 million to C$389.9 million,” the analyst added.
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