BellRock announced an agreement in principle for one of its U.S. subsidiaries to purchase JRMI27, a medical and adult-use marijuana product manufacturer located in Jackson, Michigan, subject to approval by Michigan's Cannabis Regulatory Agency and applicable local agencies.
BellRock's flagship brands, Dixie Brands and Mary's Medicinals, currently enjoy a presence in Michigan under a licensing agreement with JRMI27, but the acquisition of the license by the subsidiary of the company, if approved, will offer BellRock a lasting presence in the Michigan market.
"The agreement to acquire JRMI27 is a product of BellRock's focused efforts to build and ultimately control the Company's brands and growth initiatives in both the country's emerging and most established markets," said Brian Jansen, CEO of BellRock. "This is yet another step by BellRock towards its goal of being a national industry leader and the premier cannabis house of brands."
BellRock also announced that Chairman of the Board of Directors, Andrew Schweibold, and Director, Jonathan Rosenthal, are resigning in good standing with the company from their respective roles on the Board, effective immediately.
"Alongside current restructuring efforts at the business, I believe it is an appropriate time for me to step aside as Chairman to allow the future leaders of the Company to drive BellRock forward," said Schweibold. "Rose Capital recently introduced West 4th Holdings to lead the Company through its next evolution and, in short order, they have driven material changes in improving the Company's profitability, operations, and capital structure. I leave the BellRock Board knowing that the Company is in the very capable hands of West 4th and I continue to believe in the strength of the BellRock platform and its future as a leading cannabis CPG company."
