EINDHOVEN, Netherlands and COTTAGE GROVE, Ore., Oct. 6, 2022 /PRNewswire/ — F1SeedTech and NewBreedSeed (NBS) are pleased to announce that they have entered into a definitive agreement, with F1SeedTech acquiring 100% of the shares of NBS.
The merger creates the industry leader in F1 hybrid varieties of cannabis, combining the day-neutral breeding activities of NBS and the short-day breeding activities of F1SeedTech in Israel and the Netherlands, respectively.
This synergistic transaction continues the consolidation and professionalisation of the cannabis market, thanks to the superior quality and cost performance of cannabis F1 hybrids.
Harold Frazier, General Manager of NewBreedSeeds welcomes the merger, commenting, “This transaction complements the NBS team and will benefit new and existing customers. Our successful supply of F1 hybrids (cannabis and hemp) has led to fantastic customer loyalty.”
While Maikel de Bresser, COO of F1SeedTech, adds, “We welcome this first step into North American markets. Our F1 hybrid seeds offer a superior alternative to today’s starting material. Our seeds have an excellent reputation for the same high yield and greater quality/cost ratio seen in many agricultural crops like corn, sugar beat and vegetables.”
Key Transaction Highlights:
- F1SeedTech’s first entry into the fast-growing, professional US cannabis and hemp market via Oregon-based NBS.
- NBS breeding competency has resulted in highly attractive F1 Cannabis hybrids due to their distinct, unique and stable cannabis & hemp varieties, combined with low-cost crop management.
- F1SeedTech is answering the growing demand for day-neutral seeds by strategically expanding the range of F1 Hybrids with day-neutral varieties.
- The scale and combination of the individual breeding programs and related growing technologies will allow F1SeedTech to accelerate its growth in all segments of the cannabis business (recreational, medicinal and hemp/CBD).
- NBS will continue expanding its breeding program and sales activities under the F1SeedTech name
About F1SeedTech
F1SeedTech is a Dutch R&D entity focussing on developing new F1 hybrid cannabis and hemp varieties.
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SOURCE F1SeedTech
Source: PRNewswire