VANCOUVER, British Columbia, Oct. 28, 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 completed the acquisition of 100 percent of the membership units of Perpetual Healthcare Inc. This acquisition, previously announced on Aug. 12, 2019 and Oct. 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 and 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 nine-month period ending Sept. 30, 2019.
Nabis acquired 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 and $8 million deferred for 12 months at 5 percent interest.
