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Nine months on from the announcement, there have been no public closing steps, no regulatory filings in the Netherlands (available to the public), no follow-up statements from the companies involved regarding the merger, and no reference to the mid-2025 IPO.
This radio blackout was eventually broken just weeks ago on September 01, when Barney’s Farm, the senior partner in the proposed merger, issued a press release announcing its decision to walk away from a proposed merger with PowerPlant Inc.
In response to a request for clarification on the progress of its merger, and its relation to PowerPlant, Brett confirmed to Business of Cannabis that: “The vehicle and driver that put the proposed merger together is PowerPlant Inc.”
Despite not being referenced once in any of the initial merger announcements, or on any of the websites of the companies it apparently represents, PowerPlant’s website states that it ‘is uniting some of the most respected names in cannabis seeds, genetics, and cultivation’.
“Founded to proactively address the anticipated consolidation within the fragmented cannabis seed and genetics market, PowerPlant is advancing its buy-and-build strategy with the acquisitions of ILGM.com… and Sensi Seeds,” it continues.
Alongside claiming to have acquired two of the three companies involved in the merger, it also suggests it will be launching an IPO imminently, though we could find nothing publicly available to corroborate either of these claims.
We have contacted PowerPlant, Sensi Seeds, and ILGM for clarification on their stance regarding the merger and the capacity in which PowerPlant is associated with these retailers. However, only Barney’s Farm has offered a comment at the time of publication.
One thing that is crystal clear is that Brett and his company are out, placing the blame squarely on PowerPlant.
“Barney’s Farm Genetics’ termination of the transaction with PowerPlant brings to an end the proposed merger between Barney’s Farm Genetics, Sensi Seeds, and ILGM with immediate effect.
“The proposed merger was undone when PowerPlant Inc., the promoters of the merger, failed to meet their basic contractual obligations to Barney’s Farm, including failure to transfer funding by contracted deadline dates.
“We at Barney’s Farm do not know where this leaves what remains of the merger, but it would be incorrect to communicate that the merger, including Barney’s Farm, is still somehow intact. It is not.”
Regarding its plans to go public, Brett clarified that it was ‘never PowerPlant’s plan to IPO—their route was always an RTO’.
There’s more at
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Sean Hocking
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