Gold Flora has formed a strategic partnership with Stately Capital Corporation through an asset contribution deal.
The agreement bolsters development of the company’s California-based vertically integrated operation.
Under the partnership, Stately Brands executives opted to join Gold Flora’s management team as advisors.
Stately Brands also agreed to inject CA$10 million ($7.8 million) and contribute other assets to support the Gold Flora’s expansion.
Costa Mesa, California-based Gold Flora said it would finalize the first phase of the expansion of its indoor cultivation facility.
The company also expects to obtain the final approval for its manufacturing license over the first quarter of the current year.
Gold Flora disclosed that the deal would also boost its Shelf Life distribution channels. The company currently distributes over 15 brands to more than 425 licensed dispensaries across the Golden State.
Pursuant to the deal, Stately Brands’ products would be marketed via Gold Flora’s distribution network, alongside its existing proprietary brands.
Moreover, the company confirmed that the newly formed partnership would boost the expansion of its King’s Crew retail network within Southern California.
Stately Brands CEO Trent Kitsch forged a strategic partnership with Gold Flora to “leverage its platform to the next stage of growth.”
“The California cannabis market is evolving quickly, and the partnership will enable Gold Flora to be most effective and nimble,” Gold Flora CEO Laurie Holcomb said. “I am confident that the partnership will help make Gold Flora a dominant cannabis company in California and position it to be a strong regional multistate operator.”
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