Australian medicinal cannabis business Althea Group has announced the acquisition of Canadian recreational cannabis company Peak Processing Solutions in a $35 million agreement.

The deal, which is based on the company achieving $27 million in the first two years, will be Althea’s first foray into the Canadian CBD market and will build on its strong growth since January this year.

The acquisition follows Althea’s development into the UK market, where it was granted an import licence, with Peak Processing Solutions specilaising in the extraction, processing and manufacturing of cannabis-infused cosmetics, edibles and drinks.

Speaking of the move, Chief Executive Josh Fegan stated, “It makes us a truly global business.”