Avant Brands ready to grow in Vernon
Published on August 23, 2021 by oz. staff
Soon, some of top-shelf weed found in BLK MKT and Tenzo jars will be grown in Vernon.
Avant Brands announced Monday that its new 60,000-sq.-ft. facility in Vernon has received its Standard Cultivation, Standard Processing, and Medical Sales Licences through Health Canada.
The 3PL Ventures facility is now the largest one within Avant Brands.
“The licensing of 3PL is a key milestone in our continuing growth strategy as we keep up with demand for our award-winning products,” says Norton Singhavon, founder and CEO of Avant Brands.
More than 50 rare, unique cultivars
Singhavon says he expects the joint venture to play a pivotal role by launching new and unique cultivars under the company’s flagship recreational brands in Canada, as well as supporting their international export plans.
The 3PL facility will add more than 50 rare and unique cultivars, many of which are not currently believed to be available within Canada’s legal cannabis market, says Avant.
The joint venture includes Avant’s wholly-owned subsidiary, GreenTec Holdings and F-20 Developments Corp. GreenTec holds a 49% equity interest with an option to acquire the remaining 51% interest from F-20 at a predetermined valuation.
GreenTec does not currently intend to exercise its option to acquire F-20’s interest, says Avant.