Press Release (ePRNews.com) - TORONTO - Dec 19, 2019 - Toronto startup Olli, an influential new leader in Canada’s cannabis edibles and beverages market, has secured Series B financing led by Green Acre Capital and including existing financial partner Cassidy Asset Management as well as a private investor and insider capital.
Green Acre is a Canadian private investment fund that is dedicated exclusively to the medical and recreational cannabis industry. The backing comes as Olli’s state-of-the-art Etobicoke production facility retrofit is complete, and as the company prepares for the launch of its premium, smoke-free cannabis-infused food and tea lines.
The Series B investment will help support growth and ongoing innovation at Olli, enabling the company to offer an industry-disrupting assortment of elevated cannabis-infused teas and edibles. These offerings are the creation of Olli’s Director of Tea Product Development, world-renowned tea sommelier Richard Guzauskas, and Olli’s Executive Chef Adrian Niman, founder of celebrated hospitality group The Food Dudes.
“Olli’s position as the leading craft edibles and tea producer makes them an obvious fit for the Green Acre portfolio,” said Matt Shalhoub, Managing Partner, Green Acre Capital. “Their forward-thinking vision and focus on premium product innovation align with our values and interest in creating growth and innovation in the cannabis ecosystem.”
The investment will fuel the continuation of Olli’s best-in-class approach to the cannabis business, including its ongoing cannabis product derivative research and development initiatives that take place at the company’s commercial food manufacturing space. The capital will also support Olli’s push into the private-label market with a number of exciting partnerships to be secured in the coming months.
“Olli couldn’t be more excited to have the backing, support and expertise of Green Acre Capital,” said John B. Aird, co-founder and CEO, Olli. “As we grow our business, we know that the addition of Green Acre Capital to our trusted group of strategic partners will help Olli reach its full potential. This transaction is not only a testament to the value creation the company has achieved to date but also to the very bright future of Olli over the coming years.”
For more information on Olli, please visit the company’s website at www.ollibrands.com.
Olli is a Toronto, Ontario-based cannabis-infused product manufacturer that works with best-in-class suppliers to offer premium-quality natural ingredients and medical-grade cannabis. Founded by John Aird and Sarah Gillin, Olli was created by friends, for friends, to provide a thoughtfully curated, smoke-free and safe way to consume cannabis products. Olli’s product line includes quality edibles curated by award-winning and Michelin-starred restaurant-trained chef Adrian Niman and cannabis-infused teas developed by famed tea sommelier Richard Guzauskas. Olli’s products are manufactured at the Olli facility located in Etobicoke, Ontario. Once licensed, Olli products are expected to be sold across provincially licensed retailers in Canada.
About Green Acre Capital
Green Acre Capital is a private investment fund dedicated exclusively to the medical and recreational cannabis industry. The fund invests in sectors across the cannabis value chain including cultivation, processing, research, consumer product brands and retail. This cross-vertical approach creates an ecosystem amongst portfolio investments to help fuel growth and innovation. Green Acre was formed in 2016 and has raised in excess of $100 million for two separate funds. The funds currently hold 20 cannabis investments and have now monetized three previous positions.
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This news release represents forward-looking information and certain statements and other information included constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements include estimates, expectations, opinions, forecasts, anticipated events, opinions, potential scenarios and other similar expressions including statements regarding beliefs, plans, expectations and intentions for the future. Such forward-looking statements include, among other things: that Olli’s product assortment will be permitted under the regulations; that Olli will have distribution channels secured in geographical areas by national retailers; that Olli will be granted for a Processing Licence. These forward-looking statements involve risks and uncertainties and are based on current expectations, and the Company assumes no obligation to update this information. Such factors include, among others, risks with respect to the timeline on the expansion of current and new federal laws or regulations to include edibles and beverages could adversely affect the Company’s business or plans; general economic conditions; adverse events that lead to excess capital required and inability to access sufficient capital; the granting of a Processing Licence from Health Canada; competition; cannabis industry changes and growth or decline; and other risks associated with the manufacturing, production and sale of cannabis-infused goods.