Blue Sky Hemp Ventures Ltd.a private Canadian company focused on using whole plants for hemp foods, extracts and sustainable industrial products, announced the acquisition True North Cannabis Corp Retail and mass distribution facilities, including all current and future True North products.

True North is a leading supplier of hemp-based CBD with growing proprietary distribution channels through wholesale bulk ingredients and branded THC-free retail sales in the medical and recreational markets.

“We are pleased that our distribution businesses will become part of the Blue Sky organization,” he said Brett HalvorsonCompany President and CFO.

Corresponding Andrew PotterPresident and CEO of “The Blue Sky-True North, the combination leverages Blue Sky’s existing extraction facility and creates a successful platform for low-cost, high-quality CBD products – especially as Health Canada deregulates CBD distribution in Canada.”

The strategic advantages of the combined company include:

• Revenue and Usage Gains: The addition of the True North products to Blue Sky’s portfolio is expected to add significant revenue to Blue Sky’s business in fiscal 2023 and increase overall Blue Sky usage.
• High quality CO2 sustainable Retail CBD Products: Blue Sky’s entire facility approach will allow the Company to economically contract out industrial hemp production to produce high-quality, cost-effective CBD extracts.
• Advanced CBD Innovation: True North is known for innovative, health and wellness-focused products like its CBD-infused honey sticks and Nectar brand’s high-potency THC-free tinctures.
• Improved Positioning for Canadian CBD Deregulation: Blue Sky anticipates that Health Canada will deregulate the distribution of CBD products in Canada in the years to come.

The combined company’s focus on utilization of the entire facility offers a structural cost advantage while delivering a sustainable carbon footprint, Potter added.

Also: “True…