Supreme Sweets, a Canadian firm specialising in supplying baked goods to major grocery and coffee chains in North America, has been sold to local business Easton Pharmaceuticals.

The purchaser acquired the business – for an undisclosed sum – from Barbara and Mario Parravano, the founders of Supreme Sweets.

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Easton, based in Toronto, believes there is an opportunity through the acquisition to expand into the edible cannabis market, which Supreme Sweets is already positioned to enter. Cannabis edibles are expected to become legal in Canada in the fourth quarter of 2019.

Easton has signed a letter of intent with an unnamed locally-based licensed producer of cannabis and is working towards completing a definitive agreement which will secure a legal supply of oil and flower for its product launches.

Supreme Sweets, also based in Toronto, has projected annual revenues of more than CAD20m (US$14.8m) but Easton suggests that figure could increase to more than CAD50m.

It sells products under its own brands or as a contract packer and operates from a 40,000 sq ft facility.

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Evan Karras, CEO of Easton, staid: “We are very pleased to have completed our acquisition of Supreme Sweets and are very excited for the direction of the company. This acquisition forms part of our strategic growth plan to add shareholder value and will give Easton the platform to enter the cannabis industry.”

Supreme Sweets co-founder Mario Parravano added: “We are extremely excited to have completed this transaction and to be working with Easton to bring high quality baked goods to the market.” 

Despite its name, Easton Pharmaceuticals is a diversified company involved in a range of sectors including food and beverages, real estate and gaming.