08:12 AM EST, 12/30/2024 (MT Newswires) -- Simply Solventless Concentrates ( SSLCF ) on Monday said it is acquiring Delta 9 Bio-Tech under a court-ordered process for $3 million in cash.

Bio-Tech operates a 95,000 square foot certified cannabis cultivation facility in Winnipeg, Manitoba, with an annual cultivation capacity of 9,000kg of dried cannabis flower and trim. It services the recreational dried flower markets in Canada, and the wholesale market in Canada and internationally.

SSC, which assumes no debt or liabilities from the acquisition, will provide first quarter guidance in the weeks after the transaction closes. It noted in a statement that "vertically integrating upstream into cultivation is a core SSC strategic mandate" due to a tightening supply demand dynamic pushing cannabis prices upward, and SSC's increasing demand for dried flower due to its acquisition of preroll manufacturer ANC.

Simply Solventless has also appointed finance executive Jeff Holmgren as chief financial officer. He takes over from Jeff Hall, who is leaving the company.

The company also promoted Murray Brown, a vice president, to the position of chief operating officer.