World News: 10:00 GMT Thursday 30th May 2019. [Innovative Properties Inc. DBA Nabis Holdings via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. formerly Innovative Properties (CSE:NAB) (OTC: INNPF) (FRA: 71P) (“Nabis” or the “Company”), a leading Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, today announced that it has completed the previously announced purchase of certain assets from PDT Technologies LLC (“PDT”), including extraction and production equipment and rights to lease its current production facility in Port Townsend, WA. The purchase includes the exclusive licensing rights to Chong’s Choice brand products throughout the state of Washington.
Nabis is planning to spend approximately USD $3 million to further expand the existing production facility, which currently produces high grade cannabis concentrate. The expanded facility will include new highly specialized equipment, two new extraction lines, an extraction clean room and lab facility, capable of producing up to 20,500 KG of cannabis concentrate on an annual basis. The facility is expected to be subleased to a licensed Washington cannabis processor.
“We are thrilled to officially enter Washington State with the purchase of PDT’s certain assets. Washington represents the successful execution of another promising opportunity that will expand our production and licensing capabilities,” said Shay Shnet, CEO and Director of Nabis. “We remain committed to our aggressive expansion plans, as we evaluate other opportunities in limited license states that align with the Company’s multi-state cannabis expansion strategy.”
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Globe Newswire: 10:00 GMT Thursday 30th May 2019
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