SALINAS, Calif. – In a transaction valued at approximately $39.0 million in cash and subordinate voting shares, Indus Holdings, Inc. acquired Lowell Herb Co. and Lowell Smokes trademark brands, product portfolio, and production assets from The Hacienda Group. In connection with the acquisition, Indus intends to change its corporate name to Lowell Farms Inc.
Subordinate voting shares and warrants will begin trading on the Canadian Securities Exchange on March 5, 2021 under the ticker symbols LOWL and LOWL.WT. Subordinate voting shares will begin trading on the OTCQX on March 5, 2021 under the ticker symbol LOWLF.
“The combination of Indus and Lowell will create a leading producer of California cannabis and the next step for the first great American cannabis brand,” said Gregory Heyman, founder of Beehouse, Lowell’s largest investor. “The Indus team’s commitment to growing excellent cannabis and the communities they serve also realizes Lowell’s mission to normalize cannabis in America.”
“The cannabis industry is awash in brands competing for our attention, but Lowell has risen to the top of the fray as a brand that simultaneously empowers a movement, welcomes the curious, and greets the reacquainted all with a grace and elegance that other brands can only aspire to,” said Indus Chairman George Allen. “Every resource under our control will be employed in unlocking Lowell’s full potential.”