Cookies Intends to Acquire Cookies-Related Cannabis Assets in Florida

MIAMI, May 1, 2024 – PRESS RELEASE – Cookies, a globally recognized cannabis company, announced its intention to acquire all operational cannabis assets related to the production and sale of Cookies-branded cannabis products in Florida from TRP Co. and its affiliates in the Sunshine State.

The announcement follows a recent Florida Supreme Court ruling to allow an adult-use marijuana legalization measure on the November ballot, as well as the recent announcement that the U.S. Drug Enforcement Administration will move to reclassify marijuana as a Schedule III drug.

“Acquiring direct ownership of all of these Florida assets by exercising our contractual option to do so enables us to deliver on our original corporate strategy, gives us full control over our supply chain, and empowers us to provide the best customer experience with our stores and products in Florida,” Cookies President Parker Berling said.

“We’re grateful to the Florida Supreme Court for its decision to put adult-use legalization on the ballot, honoring the democratic process and safeguarding the rights of Floridians to decide on such critical matters,” Cookies CEO Gilbert A. Milam Jr. said. “With adult use on the horizon, we see a lot of potential for the Florida market.”

The consummation of the roll-up transactions in Florida is subject to a standard diligence process, execution of definitive documents and regulatory approval, including approval by the Florida Department of Health’s Office of Medical Marijuana Use of the transfer of the license related to the assets.