SACRAMENTO, Calif .– (BUSINESS WIRE) – November 10, 2021–
Perfect Union, California’s largest wholly owned cannabis company, today announced the acquisition of Bonsai Brands, an intellectual property holding company and licensed brewer of cannabis based in Napa, California.
The company has taken over the commercial kitchen activities from Bonsai and will retain its current staff. The existing product inventory, including beverages, Terp Slurp and baked goods, Morsel will be sold through 12 Perfect Union brand dispensaries. They will also be sold in an unbranded storefront under management and awaiting approval for the local name change, which is expected by the end of the year.
“Bonsai Brands is a vital addition to Perfect Union’s growing portfolio as they have redefined infused cannabis with innovation and a commitment to quality,” said Denyelle Bruno, CEO of Perfect Union. “The California infused product category is worth $ 500 million and continues to grow, and it’s the least saturated industry, so we’re well positioned to dramatically increase our market share. This acquisition is also the latest piece to make the company fully vertically integrated internally and across all product categories. “
The company also announced that Kyle Marshall, founder of Bonsai Brands and pioneer in the cannabis industry, will now serve as director of infused products. Marshall has worked extensively with the California Department of Public Health (CDPH) to establish guidelines that regulate the state’s infused products industry.
“I am proud to have made my love for cannabis a brand that consumers trust and trust for delicious taste, easy dosing and quality ingredients,” said Marshall. “I have respected Perfect Union’s operations for years, so joining the team as it increases its profitability, retail presence and vertical integration is a win-win solution. “
“Kyle is a well established and respected leader in the cannabis industry,” Bruno said. “And I am delighted to add his passion and expertise to the team as we continue our journey to become the largest cannabis retailer in the world’s largest legal market.”
The business has experienced tremendous growth over the past 18 months which includes:
- Eight new retail storefronts opened in California (Napa, Seaside, Riverbank, Morro Bay, Turlock, Weed, Shasta Lake and Ukiah) for a total of thirteen locations, including twelve under the Perfect Union brand, with plans to open two new locations in early 2022
- The construction of their second cannabis cultivation project in Colfax, California.
- Launch of a charitable community fund linked to its internal flower brand 530 Grower
- Successful closing of a Series B Preferred Private Placement for aggregate gross proceeds of US $ 15 million
- Called on and helped to ensure prioritization of COVID-19 vaccine for essential cannabis workers
- Encourage cannabis leaders to embrace unions to help professionalize the industry and protect workers
Perfect Union has over a decade of experience running profitable cannabis businesses; navigate national and local laws and regulations; and adding value to the communities where they operate. The company has a proven track record of creating engagement, social protection and awareness programs focused on local partnerships, cash investments and in-store donation campaigns.
Learn more at Perfect-Union.com (Facebook | LinkedIn).
NOTE: Kitchen tours (following COVID-19 guidelines) and interviews with Denyelle Bruno and Kyle Marshall are available.
See the source version on businesswire.com: https://www.businesswire.com/news/home/2021110006325/en/
Laura Quigley, laura @ lbqstrategies.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: DETAILS OF TOBACCO ALTERNATIVE MEDICINE HEALTH
Copyright Business Wire 2021.
PUB: 10/11/2021 15:54 / DISC: 10/11/2021 15:54
Copyright Business Wire 2021.