Nabis Holdings Completes the Purchase of Assets Including Established Extraction & Production Facility in Washington State
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.”
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. 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.
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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: 604-687-7130
