Humble & Fume, a North American distributor of cannabis and cannabis accessories, announced today that Green Acre Capital has invested a further $2 million in HC Solutions Holdings, a joint venture company established by Humble and Green Acre for the purpose of distribution of cannabis, initially focused on accelerating the company's expansion into cannabis distribution operations throughout the United States in California. As a result of this additional investment, Green Acre's ownership interest in HCI increases from 45% to 50%, with the other 50% owned by Humble.
As was the case with Green Acre's previous investments into HCI of an aggregate of $8 million, the additional $2 million now invested was funded through an option agreement with Johnson Brothers, a wine, spirits, and beer distributor in the United States.
"The recent investment made by Johnson Brothers under their Green Acre option agreement is a testament to their continuous support for our expansion efforts in the United States," said Jakob Ripshtein, CEO of Humble. "We are proud to partner with Johnson Brothers, who are recognized for their operational proficiency in the distribution of alcoholic beverages throughout the United States."