World News: 08:00 GMT Wednesday 12th June 2019. [Innovative Properties Inc. DBA Nabis Holdings via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, June 12, 2019 (GLOBE NEWSWIRE) -- (CSE:NAB) (OTC: INNPF) (FRA: A2PL) (“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 signed a definitive agreement to acquire 100% ownership of , a 6,000 square foot dispensary located in Desert Hot Springs, CA. The dispensary, which is licensed by the State of California for the sale of cannabis products, includes the potential for license expansion to add production and cultivation activities on the property subject to future submission of the license.
Desert’s Finest is located in the heart of downtown Desert Hot Springs, CA near Palm Springs, CA, less than two hours east of Los Angeles and north of San Diego. The currently operating dispensary has more than 37,000 registered patients and exceeded USD $5.7 million in sales over the previous twelve months with 47% gross profit margin. Desert’s Finest sells a wide assortment of products including flower, vape and edibles, available at a variety of price ranges. In addition, the dispensary is strategically located near the annual Coachella Music Festival, and less than one hour from Joshua Tree National Park.
“As we continue national expansion of the Nabis footprint, we are pleased to announce our first acquisition in the state of California, one of the dominant cannabis markets in the United States,” said Shay Shnet, CEO & Director of Nabis. “Desert’s Finest has successfully generated material revenue driven in part by their convenient dispensary location in the Palm Springs region and extensive list of registered patients. We look forward to adding Desert Hot Springs to the Nabis portfolio and the loyal customer base to the Nabis brand.”
Nabis will acquire 100% ownership of Desert’s Finest for total consideration of USD $5.6 million (CAD $7.5 million) composed of USD $1.9 million in cash and $3.8 million of Nabis’ common stock. The Nabis’ common stock will be determined by the ten-day trailing volume weighted average price upon transaction closing.
Closing the acquisition remains subject to certain customary closing conditions, including obtaining all necessary approvals.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical, one of the largest takeovers in the U.S. Cannabis space to date, the company has a proven track record in emerging markets to create significant shareholder value. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth.
For more information, please visit .
Allison SossKCSA Strategic Communications PH: 212-896-1267
Shay Shnet, CEO and DirectorPH: 604-687-7130
Globe Newswire: 08:00 GMT Wednesday 12th June 2019
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