A small oil and gas company based in Calgary, Relentless Resources, has announced a new C$7.5-million refinancing package that involves diversifying into marijuana growing.
The company’s “growth strategy” will centre on “the production, distribution, and sale of cannabis in all acceptable forms, through the acquisition of, or an investment in, a licenced producer or a late-stage applicant to become licenced producer,” JWN Energy reports. After that, Relentless “will work towards the investment and development of ancillary products and services for the fast-growing cannabis market, and pursue the acquisition of complementary production and manufacturing facilities.”
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As part of the deal, Sundial Growers founder Stanley Swiatek, a member of the Alberta and Health Canada Cannabis Roundtables, will join the Relentless board.
“It is anticipated that any acquisition or investment made by the company in the cannabis sector will be operated as a wholly-owned subsidiary of Relentless, which will continue to be engaged in the business of developing its oil and gas assets,” JWN reports.
Climate hawks can be forgiven if the company’s legacy activity hasn’t been on their radar: In the third quarter of last year, Relentless produced 171 barrels of oil equivalent (boe) per day and reported $2,399 in comprehensive income.