Willie Nelson’s dope heading to Canada
One of Colorado’s largest recreational pot companies is planning to take Willie Nelson’s marijuana brand to Canada and go public in Toronto, people familiar with the matter said.
LivWell Enlightened Health is planning deals that include taking over management of a Calgary-based cannabis company and a reverse takeover of investment company Target Capital, the people said.
It is also changing its name to LivWell International and striking a side deal that will give it perpetual distribution rights in Canada to Willie’s Reserve, the US country singer’s namesake marijuana brand, they said.
LivWell is expected to have an enterprise value of about C$300m ($228m) after going public, they said. The Denverbased company generates about $80m in annual sales from marijuana growing, processing and retailing, says its website.
The deals will bring one of the best-known US marijuana brands to Canada, while continuing a trend of US pot companies heading to Toronto to tap investor demand. With US law curbing expansion globally, listing in Canada will give LivWell access to international markets.
The company already has a toehold in Canada through a stake in 51st Parallel. LivWell is taking over management of 51st, which is raising C$50m, completing the takeover of Target Capital and buying a $20m stake in GCH. / Bloomberg
$80m Is what LivWell generates yearly from marijuana production