Perfect Union has acquired Bonsai Brands, an intellectual property holding company and licensed infused cannabis manufacturer based in Napa, California.
The company has assumed operations at Bonsai’s commercial kitchen, and they will retain current staff. Existing product inventory, including Terp Slurp beverages and Morsel baked goods, will be sold in Perfect Union’s 12 branded dispensaries. They will also be sold at a non-branded storefront under management and awaiting local name change approval, which is expected by the end of the year.
“Bonsai Brands is a critical addition to Perfect Union’s growing portfolio because they’ve redefined infused cannabis with innovation and commitment to quality,” said Perfect Union CEO Denyelle Bruno. “California’s infused product category is worth $500 million and growing, and it’s the least saturated sector, so we’re well-positioned to significantly expand market share. This acquisition is also the final piece to make the company completely vertically-integrated in-house and across all product categories.”
The company also announced that Kyle Marshall, founder of Bonsai Brands, will now serve as director of infused products. Marshall worked with the California Department of Public Health to establish guidelines that regulate the state’s infused products industry.
“I’m proud to have grown my love for cannabis into a brand that consumers trust and rely on for delicious taste, simple dosing and quality ingredients,” Marshall said. “I’ve respected Perfect Union’s operations for years, so joining the team as they expand their profitability, retail footprint and vertical integration is a win-win.”
The company has experienced tremendous growth over the last 18 months that includes:
- Opening eight new California retail storefronts (Napa, Seaside, Riverbank, Morro Bay, Turlock, Weed, Shasta Lake and Ukiah) for a total of 13 locations, 12 of which are branded as Perfect Union, with plans to open two new locations in early 2022
- Building out their second cannabis cultivation project in Colfax, California
- Launching a charitable Community Fund tied to its in-house 530 Grower flower brand
- Successful closing of a Series B Preferred Private Placement for aggregate gross proceeds of $15 million
- Called for, and helped to secure, COVID-19 vaccine prioritization for essential cannabis workers
- Encouraging cannabis leaders to embrace labor unions to help professionalize the industry and protect workers