Santé Veritas Therapeutics, which is currently completing construction of its cannabis facility in Townsite, is merging with three other big players in the North American cannabis industry to create a new multinational corporation called TILT Holdings.
According to an announcement on May 15, Baker Technologies, Sea Hunter and Briteside, all United States-based companies, and Santé Veritas, will have a forecast revenue of $200 million in 2019.
Santé Veritas is headquartered in Vancouver. The company is awaiting a Health Canada licence for pot production at its first manufacturing facility, located at the former Catalyst Paper Corporation administrative building in Townsite.
Health Canada recently issued a "confirmation of readiness,” in response to Santé Veritas’ request for cultivation of 2,835,000 grams of cannabis flower. Licence approval is expected this year.
The company is currently completing the build-out of its 40,000 square foot operation in Powell River.
According to the statement announcing the merger, TILT will represent all facets of the cannabis industry.
TILT’s primary offices will be in Boston, Denver and Toronto, with operations in 24 states and Powell River, specializing in cannabis technology, cultivation and support solutions.
