- Atlas Global Brands today announced that it has completed most of its key integration activities following the completion of its business combination on December 30, 2022
- Operational Synergies from corporate restructuring estimated to generate $2.5M in annualized savings to enable more efficient execution of the company’s international growth strategy
EDMONTON, ALBERTA, CHATHAM, ONTARIO and TEL-AVIV, ISRAEL, March 09, 2023 — Atlas Global Brands Inc. (“Atlas Global” or the “Company”) (CSE: ATL), a cannabis company with expertise across the value chain, announces that it has taken the necessary steps to leverage the combined capabilities across its six businesses following the completion of a business combination, involving Atlas Biotechnologies Inc., AgMedica Bioscience Inc. and Cambrosia Ltd. (“Cambrosia”) and the concurrent acquisition by Cambrosia of a 51% interest in each of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd. – privately held operating cannabis pharmacies in Israel by reducing its aggregate workforce by approximately 20% and implementing a plan to reduce overlapping third party spending across the group.
“The actions taken today were necessary to align our operational strategies and unlock a sharing of best practices across our newly formed organization,” comments Bernie Yeung, CEO of Atlas Global. “These changes were not taken lightly but were necessary to enable the organization to move forward in a more cohesive manner, allowing us to accelerate our growth plans on the international stage through operational efficiencies.”
By leveraging the combined capabilities of the six operating units, the combined effect of workforce reduction, and elimination of cost redundancies is estimated to generate savings of $2.5M on an annualized basis over the ensuing 12 months, streamline the Company’s operating model and align with the Company’s overall international growth strategy.
About Atlas Global
Atlas Global is a global cannabis company operating in Canada and Israel with expertise across the cannabis value chain, including cultivation, manufacturing, marketing, distribution, and pharmacy. Atlas currently distributes to eight countries: Australia, Canada, Denmark, Germany, Israel, Norway, Spain, and the United Kingdom. In addition to a differentiated product mix, Atlas operates two licensed cannabis facilities – one with EU-GMP– along with three medical pharmacies in Israel. In addition, as previously announced on February 7, 2023, and February 27, 2023, the Company has entered into definitive agreements (together, the “Definitive Agreements”) to acquire one Trading House and majority interests in two additional purpose-built cannabis pharmacies in Israel, and an additional licensed cannabis facility in Canada with GACP and CUMCS certifications. Learn more by visiting: www.atlasglobalbrands.com