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ST. JOHN'S, N.L. — Cannabis company Atlantic Cultivation has acquired the insolvent Tantalus Labs brand. 

Financial terms of the agreement were not immediately available.

The deal includes Tantalus Labs' brands and remaining inventory.

Founded in 2012 by Dan Sutton, Tantalus entered bankruptcy and insolvency proceedings in late June.

The company had to lay off more than 50 workers at its facility in Maple Ridge, B.C., owing millions to its main lender and millions more for unpaid excise taxes. 

Atlantic Cultivation is a vertically integrated cannabis company based in St. John's, N.L.

This report by The Canadian Press was first published Aug. 28, 2023.

The Canadian Press