C21 Investments, Inc. (CSE: CXXI) today announced that it has received approval from the Oregon Liquor Control Commission for the transfer of all the operating licenses of Swell Companies in Oregon. The formal closing of the acquisition of the Swell Companies (see news release dated November 2, 2018) is scheduled to occur on or about April 30, 2019.
Swell has a 10,000-square foot processing facility in Portland, Oregon and has expansion rights for an additional 18,000 square feet, adjacent to the primary facility. It also operates a 5,000-square foot distribution warehouse. Swell currently employs 30 full-time industry professionals and prides itself on being one of the first cannabis companies in Oregon to offer comprehensive benefits to all its employees.
Operating since 2015, Swell has been recognized as a leader in the extraction and manufacturing of THC and CBD derived products; always demonstrating a commitment to quality, consistent innovation, and execution at scale. In 2017, Swell shipped over 500,000 product units within Oregon and has more than doubled its product units shipped through existing sales channels in 2018.
“Consumption of cannabis concentrates, such as vapes and edibles, saw a 49%1 increase in Oregon in 2018,” said Alleh Lindquist, CEO of Swell. “This segment is quickly becoming the most significant component in cannabis consumption and with the support of C21, Swell will have the necessary resources to further expand its extraction and manufacturing capabilities to new markets.”
“Swell will fulfill a critical segment of our expansion strategy,” said Robert Cheney, President and CEO of C21 Investments. “Swell will make us a leading force in processing and manufacturing in the United States.”
C21 Investments’ strategy is to acquire existing and successful cannabis operations with experienced management teams in place. C21 Investments’ focus is to expand into jurisdictions where it can wholly-own indoor/outdoor cultivation operations, processing/extraction facilities, branded products, and retail dispensaries with large distribution networks.
SOURCE C21 Investments Inc.