Nabis Holdings Closes Acquisition of Emerald Phoenix and Infusion Edibles in Arizona
Closing of acquisition is non-dilutive as no Nabis common shares are issued
VANCOUVER, British Columbia, Oct. 28, 2019 (GLOBE NEWSWIRE) -- (CSE:NAB) (OTC: NABIF) (FRA:A2PL) (“NabisTM” 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 acquisition of 100% of the membership units of Perpetual Healthcare Inc. This acquisition, previously announced on August 12, 2019 and October 16, 2019, included Emerald Phoenix, a licensed medical marijuana business in the state of Arizona 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 Shay Shnet, CEO & Director of Nabis. “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. 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.”
Management expects the Arizona Dispensary and Infusions operations will report approximately US$9M 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 acquired 100% of the membership units of the Asset for total consideration of USD $15 million (CAD $19.65 million) comprised of USD $7 million in cash and $8 million deferred for 12 months at 5% interest.
About Nabis Holdings Inc.
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. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth.
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Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Investor Contact:
Allison Soss
KCSA Strategic Communications
PH: 212-896-1267
Company Contact:
Shay Shnet, CEO and Director
PH: 905-581-5521 x107
