SACRAMENTO, Calif., June 12, 2020 (GLOBE NEWSWIRE) -PRESS RELEASE- Vibe Bioscience Ltd., a vertically integrated cannabis retailer and cultivator, announced June 12 the acquisition of a 13,500 square-foot cannabis cultivation facility in Crescent City, Calif. and a phased plan to increase cultivation canopy by 40%.
"Vibe is very excited to complete the acquisition of this high-quality cultivation facility in Crescent City, California. This represents a unique and strategic opportunity for Vibe to add premium cultivation capacity to our existing Hype Cannabis Co. high-quality flower, distillate vape cartridges, and wax concentrates," said Vibe CEO Mark Waldron. “Our planned expansion of the cultivation canopy by 40% will enhance Vibe’s supply chain and help Vibe meet the extraordinary demand we are seeing in our stores for high-quality flower and Hype Cannabis Co. products.”
This transaction finalizes Vibe’s previously announced purchase and sale agreement with the security holders of NGEV Inc. to acquire all of its issued and outstanding securities. The acquisition was completed with the issuance of 600,000 common shares of Vibe and the assumption of approximately $463,000 in term debt.
NGEV is a corporation organized under the laws of California that owns a production facility, cannabis cultivation equipment and leases land in Crescent City, California. The cultivation facility provides a turnkey operation that produces cannabis flower and clones. This also provides Vibe with a second licensed facility and will significantly increase the supply of Vibe’s Hype Cannabis Co. branded products.