Cannabis-infused beverage maker BevCanna has signed a definitive agreement to acquire beverage manufacturer Naturo Group Investments (Naturo).

According to the agreement, BevCanna intends to acquire all of the issued and outstanding securities of Naturo from its owners.

“The joining together of these two companies will be an unbeatable combination.

Naturo founder and BevCanna CEO Marcello Leone said: “BevCanna is evolving into a comprehensive health and wellness company, and this combination accelerates that evolution.

“We’ll now offer one of the most unique and diverse portfolios of beverage and wellness products within both the cannabis and the fulvic and humic mineral plant-based categories.

“The merger creates significant value to both organisations and brings together two exceptionally experienced teams, forming one of the most innovative beverage and natural health products companies in our industry.”

The merger will lead to the creation of a new fully licensed, in-house and white-label beverage manufacturing company.

The new company will be engaged in the distribution of conventional and cannabis-based beverage and wellness products. It will also have access to the global, multi-channel distribution networks of traditional and cannabis sales channels.

Last month, BevCanna signed a letter of intent (LoI) to acquire beverage manufacturer Naturo.

According to the LoI, BevCanna agreed to take ownership of the 40,000ft² beverage facility, as well as 315-acres of cultivatable land and manufacturing equipment.

It also agreed to take over the exclusive onsite alkaline spring water source.

BevCanna will also assume the ownership of Naturo flagship brand called TRACE.

The total assets owned by the Naturo is estimated to be around C$35m ($26.8m).