VANCOUVER, British Columbia, Oct. 16, 2019 (GLOBE NEWSWIRE) — PRESS RELEASE — Nabis Holdings Inc., a Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, has announced that it has received all required regulatory approvals to operate the assets of Perpetual Healthcare Inc, Emerald Phoenix, a licensed medical marijuana dispensary located in Phoenix, Ariz., and Infusion Edibles, a popular cannabis infused snack and beverage brand. The acquisition of these assets was previously announced on Aug. 12, 2019. Nabis’ portfolio of operating licensing rights has now increased to a total of 11 for retail, cultivation and processing facilities combined in four states across the U.S.
“As one of the strongest limited-license, medical cannabis markets in the U.S., Arizona continues to be a priority market for Nabis. Expanding our operations with the Emerald Phoenix dispensary and well-known Infusion Edibles brand better positions us for our next phase of growth. Both businesses have a wide reach in Arizona, including an active registered purchasing patient roster of over 12,000 patients at the dispensary,” said Shay Shnet, CEO and director of Nabis. “Our team remains focused on continued expansion as well as the development of our innovative product lines and brands.”
Nabis’ Arizona operations now include cultivation, fulfillment, production and retail:
- The Hub, a 44,000-square-foot cultivation, fulfillment and production facility, is located on 2.5 acres of total land and one of the largest industrial warehouses in the Verde Valley. The Hub is also the new home of production for WISP pods in Arizona. This is an exclusive production agreement for the company.
- Emerald Phoenix, Nabis’ first operating dispensary licensed to operate in the city of Phoenix (Maricopa County), which serves more than 133,000 unique patients, per the Arizona Department of Health Services August 2019 reporting. This dispensary has an active registered purchasing patient roster of more than 12,000 patients, a healthy marketing outreach and a loyal word of mouth clientele.
- Infusion Edibles, a highly popular brand of cannabis infused snacks and beverages. Infusion Edibles’ line of products includes baked goods – brownies and cookies; candies – gummies and lollies, and soda – root beer and cherry to name a few flavors. As one of the first medical cannabis kitchens in Arizona, Infusion Edibles produces superior products with outstanding flavors, delivering safe, consistent and effective medication. Under Nabis ownership, the menu will be expanded to include new products and seasonal treats.
Nabis will acquire 100 percent 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, $2 million of Nabis’ common stock, and $6 million deferred for 12 months at 5 percent interest. The Nabis common stock will be issued in three tranches with each tranche to be priced based on the ten day volume weighted average price calculated on the day prior to issuance. Shares issued are subject to customary regulatory approvals and restrictions.
In connection with the previously announced CFO and VP Investor Relations appointments, the company announces that two million management incentive stock options have been granted, pursuant to the terms of the company’s stock option plan. The stock options are subject to vesting conditions, are priced at $0.10 per share and expire five years after the date of grant.
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