TL’s acquisition of CiiTECH assets hits the news

In an article published by BusinessCann on April 3, 2023, Peter McCusker reports that UK-based cannabis company Tenacious Labs has acquired CBD company CiiTECH for £210,000.

According to the article, the purchase follows CiiTECH's fall into administration on October 22, 2022, after two consecutive years of losses. Administrators received 46 expressions of interest in buying the company's assets and ultimately received five offers, with Tenacious Labs making the highest bid. The acquisition is in line with Tenacious Labs' strategy of acquiring companies to become the world's leading consumer-centric cannabinoid group. Tenacious Labs CEO Nick Morland believes that CiiTECH and its brand Provacan are complementary to the company's business and can generate sales of $1m over the coming year.

CiiTECH was launched in 2017, continues the article, and became one of the leading CBD companies in the UK with its brand Provacan. However, its planned listing on the London Stock Exchange was put on hold due to geopolitical events, and the company was left with a significant amount of debt, hindering its growth. Despite this setback, Tenacious Labs sees potential in the company, and Morland plans to develop and innovate with different delivery methods and access new markets.

Overall, the acquisition of CiiTECH is seen as a strategic move for Tenacious Labs to expand its market presence in the CBD industry.