Spyder Cannabis Inc. (TSXV:SPDR) entered into a binding agreement to acquire 180 Smoke LLC from Origin House on February 23, 2021. Spyder Cannabis will acquire all of the issued and outstanding shares of the entities that collectively comprise the business of 180 Smoke on a cash-free basis (after post-closing adjustments), for nominal consideration. Additionally, the company has secured a strategic institutional investor to acquire all of the existing debt of 180 Smoke owing to an affiliate of the seller.

180 Smoke generated approximately CAD 12.9 million in unaudited net revenue during the year ended December 31, 2020. 180 Smoke has a team of 91 employees who will continue to operate 180 Smoke's 18 brick and mortar vape retail locations, 8 franchises, and its corporate head office and distribution warehouse, following the closing of the acquisition. Spyder expects to integrate its 2 brick and mortar vape retail stores with those of 180 Smoke's. The transaction is subject to closing conditions.

The acquisition is expected to immediately increase Spyder's consolidated revenue with the addition of 180 Smoke's nicotine vape sales, franchise revenue and other wholesale and distribution revenue.