Aero Pon Leaf may be under new ownership soon.

Yahoo Finance reports that Zalemark Holdings has signed a letter of intent to acquire the Hastings Highlands-based cannabis company. Zalemark CEO Robert Xu was in attendance in Pickering to announce the acquisition on Wednesday.

Areo Pon Leaf acquired a 160-acre property to build a cannabis production and processing plant. They hope to expand into an Adult Destination Facility. The facility hopes to expand into medical research and brewing, and hope to add a spa and retail outlet. The company is currently constructing the facilities. It is currently working with Health Canada as they go through the approval phases set forth by the department. They hope their permit will be issued later this year. Yahoo Finance says a sample plant will then be sent to an independent lab for testing before they receive their licence.

CEO of Aero Pon Leaf William Sharpe said the company is using advanced aeroponics to grow its crops. Yahoo Finance quoted him as saying their method using mist without the use of soil will significantly increase yields. Sharpe has said in the past the focus on keeping jobs local and sourced from the community was a focus of the company. Sharpe was formerly in the beer industry, founding the Lakeport Brewing Corporation.

Zalemark CEO Mr. Xu said it was a very exciting development for shareholders of the company. He praised what he called a highly impressive senior management team and their relationship with the community of Hastings Highlands. He said the company was optimistic about Areo Pon Leaf becoming a licensed producer by the end of the year.