MIAMI, March 15, 2022 /PRNewswire/ — Praetorian Global, Inc. (“Praetorian”), brand owner and leading intellectual property provider to the global cannabis and hemp industry, today announced it has entered into a definitive agreement to acquire all the intellectual property “IP” assets of Oni Seed Co. (“Oni”). The asset acquisition will add the intellectual property portfolio behind the world-renowned and award-winning Oni brand and product offerings and pipeline to Praetorian’s already burgeoning stable of cannabis and hemp intellectual property, including the award-winning Binske cannabis brand.
“This is a monumental and transformative moment for our company, all of our shareholders and all of our current and future partners,” said Jacob Pasternack, Founder, Chairman and CEO of Praetorian. “We are thrilled to bring Oni’s rich and storied heritage and world-class IP into our portfolio. For years, Oni has a been a premier IP resource for cannabis brands, cultivators and infused product manufacturers looking to expand and sophisticate their product offerings. Oni’s proprietary products, know-how and methodologies have significant, broad-based application for all sizes and forms of flower cultivation, which correlates to 100 percent of the downstream products sold in retail outlets around the world.”
Oni is widely considered to possess the intellectual property behind the most flavor-forward, aesthetically pleasing, uniquely efficient, and highest yielding genetics in the cannabis and hemp industry. The company was founded in 2016 by breeder Nicholas Handler, who was joined in 2019 by Zachary “Doc” Victor, an industry veteran with over 25 years of large-scale cultivation experience.
Oni has been a hub of innovation and at the forefront of industry trends since its founding, responsible for creating and developing many of the industry’s most popular genetics that have boasted a library of over 300 genetics, including award-winning Trop Punch, Tropicana Cookies, Papaya, Wilson! Zero, Strawpicanna, Honey Bunny and Zahiti Lime. In addition, the Oni premium concentrates brand has historically focused on the solventless hash segment and has amassed significant patronage from cannabis connoisseurs from coast to coast.
“At Praetorian, we are committed to furthering our position as one of the world’s leading generators of cannabis and hemp related IP and continuing to introduce innovations that propel the industry forward,” continued Pasternack. “We believe genetic intellectual property represents the primary driver of innovation and consumer demand for the products sold in the marketplace and look forward to unlocking the full potential of Oni’s intellectual property and bringing their collective skills and experience to international markets over the coming months.”
As part of the acquisition, both Victor and Handler will join Praetorian as Director of Cultivation and Director of Genetics & Breeding, respectively.
“This is a perfect union of Praetorian’s business sophistication and acumen with Oni’s legacy cannabis culture. It will allow us the ability to bring Oni products to our fans across the country and beyond. I’m very excited for the next chapter,” said Handler.
Victor and Handler will also bring with them top talent from Oni, and will join other industry experts already at Praetorian, including Bill Fenger, who has been credited with inventing the entire segment of live resin concentrates. The rest of the Praetorian management team is rounded out by seasoned executives from the entertainment sector as well as online gaming sector giant, The Stars Group (acquired in 2020 through a $12 billion merger with Flutter Entertainment, the parent company of FanDuel).
“I’m very excited to work with a team of this caliber. Jake is the first CEO in this space I have encountered who respects and values the 100+ years of legacy that created the industry we have today. I’m confident that between Jake and the other executives at Praetorian, Oni can truly achieve its potential and all current and future partners of Praetorian will benefit immensely from this level of sophistication,” said Victor.
As Praetorian begins to integrate Oni into its ecosystem and contribute its depth of resources and guidance, the company will begin to scale its operations by optimizing staff and processes across brands and business lines in an effort to expand within existing markets and penetrate new ones.
Praetorian provides access to its intellectual property primarily through licensing deals with partners, enabling those partners to bring Praetorian’s and their own brands and products to market in each applicable territory.
“As part of the Oni acquisition, Praetorian will continue to deploy its core playbook, connecting strong brands and unique intellectual property with licensees and partners in top tier markets that seek to optimize value and efficiency across the supply chain. Praetorian will also look to expand Oni’s product offering and footprint as it focuses on strategic licensing partners in metropolitan centers with strong retail assets,” said Pasternack.
Analysts* project cannabis sales for 2022 will reach just over $35 billion, an increase of more than 22 percent over 2021 sales. Praetorian believes it is well positioned to capitalize on growing consumer demand for all segments of cannabis products. Praetorian has a proven track record of successfully taping into industry trends and innovating across products and platforms, introducing forward-thinking collaborations, and bringing premium products to consumers in key markets across the country.
Closing of the transaction is expected to occur in early Q2 2022, subject to customary closing conditions.
For media inquiries:
Dana Rozansky
Media@binske.com
About Praetorian
Praetorian Global, Inc., is a leading brand owner and intellectual property provider to the global cannabis and hemp industry. Praetorian creates and develops unique portfolios of cannabis, hemp and lifestyle-related intellectual property, including specialized product formulations, proprietary cultivars, cultivation and production methodologies, and differentiated cultivation and production techniques leading to award-winning premium consumer cannabis and hemp products. Praetorian provides access to its intellectual property primarily through licensing deals with partners, enabling those partners to bring Praetorian’s and their own brands and products to market in each applicable territory. Praetorian’s premier brand, Binske, has pioneered the premium market through its meticulous focus on standards, quality and consistency. Lauded for its proprietary strains, craft ingredients, and best-in-class packaging, Binske offers luxury, artisan-quality products using purposefully sourced ingredients that have earned multiple awards, including Leafly’s Best Edibles, Best Concentrates and Best Overall Company. Binske products, which include flower, concentrates and edibles, are currently available in California, Florida, Nevada, Colorado, Washington and Michigan, with plans to launch in additional markets in 2022. Binske is a registered trademark of Praetorian Global. Visit www.binske.com for more information.
About Oni
Oni Seed Co. is a legacy brand known for its intellectual property behind some of the most flavor forward, aesthetically pleasing, uniquely efficient, and highest yielding cannabis and hemp products in the industry, including award-winning Trop Punch, Tropicana Cookies, Papaya, Wilson! Zero, Strawpicanna, Honey Bunny and Zahiti Lime. Oni’s premium concentrates historically focused on the hash segment, leading to the brand’s significant patronage from cannabis connoisseurs from coast to coast.
*March 2022 BDSA Report
SOURCE Binske
Source: PRNewswire