logo-loader
viewNabis Holdings Inc.

Nabis completes acquisition of Phoenix medical cannabis dispensary and Infusion Edibles brand

Acquiring the cannabis assets from Perpetual Healthcare cost Nabis US$15 million (C$19.65 million)

Nabis Holdings Inc. - Nabis Holdings Inc completes acquisition of Arizona-based medical marijuana dispensary Emerald Phoenix and Infusion Edibles, a popular cannabis-infused snack and beverage brand
Management expects the Arizona dispensary and infusions operations will report about US$9 million in top-line revenue annually

Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) announced Monday it has completed the acquisition of 100% of the membership units of Perpetual Healthcare Inc. 

The acquisition, previously announced on August 12 and October 16, included Arizona-based Emerald Phoenix, a licensed medical marijuana dispensary and Infusion Edibles, a popular cannabis-infused snack and beverage brand. 

“This closing marks a critical milestone to our expanding reach in Arizona’s strong limited-license, medical cannabis market,” said Nabis CEO Shay Shnet in a statement.

READ: Nabis Holdings names wealth management and brand specialist as Vice President of Investor Relations

“Our team has already begun laying the groundwork in strategizing to build out and optimize these assets, with plans to introduce our BIS branded products at Emerald Phoenix and through Infusion Edibles’ established distribution network in Arizona.”  

Acquiring 100% of the membership units of Perpetual Healthcare cost Nabis US$15 million (C$19.65 million). The payment consists of $7 million in cash and $8 million deferred for 12 months with 5% interest.

“The previously disclosed US$2M in Nabis share consideration was added to the deferred note, resulting in no share dilution for the US$15M acquisition,” Shnet noted. 

Management expects the Arizona dispensary and infusions operations will report about US$9 million in top-line revenue annually, based on the target's unaudited internal financial statements prepared for the 9-month period ending September 30, 2019.

Nabis, based in Vancouver, is an investment issuer that invests in high-quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the US and international cannabis sector

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Nabis Holdings Inc.

Price: 0.065 CAD

CSE:NAB
Market: CSE
Market Cap: $7.11 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Nabis Holdings Inc. named herein, including the promotion by the Company of Nabis Holdings Inc. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks reverse; Nabis Holdings jumps after securing...

The North American Marijuana Index, lost 1.5% to 136 points. The OTCQX Cannabis Index dipped 1.4% to 504 points. Buds today were Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF), EuroLife Brands Inc (CSE:EURO) (OTCMKTS:CANVF). Duds were HEXO Corp (TSE:HEXO)...

on 16/10/19

2 min read