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The cannabis concentrated consumer packaged goods platform BR Brands LLC said Monday that it has entered into a binding term sheet to merge with Dixie Brands Inc. (OTC:DXBRF) (CSE:DIXI), a cannabis-focused consumer packaged goods company.
Per the agreement, BR Brands will acquire the publicly traded company via a reverse takeover. The transaction is expected to close y the third quarter, leaving BR Brands and Dixie shareholders owning around 80% and 20%, respectively, of the resulting issuer.
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The implied valuation of Dixie is a minimum of $43.23 million, according to a press release.
"BR Brands and its affiliates have had a long-standing relationship with Dixie, rooted in a deep respect for its platform and product portfolio," BR Brands Chairman Andrew Schweibold said in a statement.
"BR Brands was established to unite premium and emerging cannabis brands under one umbrella, offering unparalleled access to top-tier operating talent and capital expertise.”
BR Brands, which covers 11 states and Puerto Rico, is known for being the owner of Mary’s Brands, which include the medical and topical brand Mary’s Medicinals. Other brands in the portfolio include Rebel Coast, Beezle and Defonce.
The challenges in the cannabis capital markets led Dixie to seek a strategic platform to solidify a platform to leverage for long-term, stable growth for shareholders, Chuck Smith, Dixie's president and CEO, said in a statement.
"This strategic combination brings two of the most trusted and iconic brands together on one of the broadest manufacturing and distribution platforms in the industry."
Smith will become CEO and president of the new merged company, while the board will include three BR Brands nominees and two from Dixie.
Dixie shares were trading 8.87% higher at 14 cents at the time of publication Monday.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.