Cannabis grower and distributor Indus Holdings acquired Lowell Herb, the US-based cannabis producer backed by cannabis provider MedMen Enterprises, for $39m yesterday.
The deal consists of $4.1m in cash and the rest in Indus shares. Indus is buying the Lowell Herb and Lowell Smokes brands from their parent company, Hacienda Group, and will change its own brand to Lowell Herb. MedMen had invested in Hacienda in 2018.
Gregory Heyman, founder of Beehouse, Lowell’s largest investor, said: “The Indus team’s commitment to growing excellent cannabis and the communities they serve also realises Lowell’s mission to normalise cannabis in America.”
