Regional distributor of medicinal cannabis products buys CanEx Jamaica
Health and wellness distribution company, Zimmer & Co, has announced the acquisition of CanEx Jamaica Business Conference and Expo.
A release from Zimmer & Co. said that the transaction will see the region's leading distribution company in medicinal cannabis products accelerating its expansion plans as it looks to grow its retail footprint.
The company presently specialises in hemp-based CBD wellness products with a current portfolio of more than 100 products ranging from CBD capsules to Skincare.
Zimmer began sales in August 2018 and currently sells a range of hemp-based CBD products into 300 outlets in five markets.
The company holds a pharmacy distribution license and has distribution rights for approximately 50 of the 60 medicinal cannabis products approved for sale in Jamaica.
The acquisition is aimed at bolstering Zimmer's global expansion plans through the extensive network that CanEx has assembled since its inception in 2016.
Zimmer CEO T'Shura Gibbs stated: "CanEx Jamaica has done an excellent job of providing a platform for the advancement of the medicinal cannabis industry in Jamaica. The conference has developed a strong brand and with 23 countries represented at the last conference in September, provides a strategically valuable opportunity to support the expansion efforts of our distribution business. There are a number of synergies in bringing these two ventures together and I am confident this will help to accelerate our expansion throughout the Caribbean and LATAM, in particular."
The CanEx Jamaica Business Conference and Expo has been held annually since 2016 at the Montego Bay Convention Center. The most recent conference hosted 1400 attendees from 23 different countries over three days with prominent keynote speakers in the form of Vicente Fox (former President of Mexico), Bruce Linton (Chairman and CEO of Canopy Growth) and Montel Williams (TV host and Founder Lenitiv Labs).
CanEx Jamaica 2019 will be held September 26-28 at the Montego Bay Convention Center. This year will also see the introduction of CanEx Investment Summits which will be held in May in Barbados, Trinidad and Tobago and the Cayman Islands. Later in the year, will see the introduction of the CanEx Business Workshops which will be held initially in Jamaica.
CanEx Founder Douglas K. Gordon, who also sits as the Chairman of Zimmer & Co. stated: "There are tremendous synergies in this transaction with benefits expected both in terms of revenue growth and direct cost savings. The operational efficiencies will also help to enhance the expected financial performance and I believe that this will play a very positive role in supporting Zimmer's global distribution objectives. CanEx has forged a number of strategic partnerships with other regional conferences, particularly in Mexico and Colombia and this will certainly benefit Zimmer's expansion into LATAM."
Zimmer is privately held and the value of the transaction was not disclosed.