SACRAMENTO, Calif., Dec. 31, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Vibe Bioscience Ltd., a vertically integrated cannabis retailer and cultivator, has announced that it has completed its acquisition of all of the membership interests in the outstanding securities of EVR Managers, LLC, which holds a license for an adult-use cannabis retail operation located in Redding, Calif. The Redding acquisition was previously announced on April 3 and May 30, 2019, and the transaction closed on Dec. 30, 2019.
The closing of the Redding acquisition was subject to the satisfaction of certain closing conditions, including the completion of certain necessary structural improvements and renovations to the Redding site. Management of Vibe expects the Redding site to be open to the public upon completion of Municipal and State inspections in January 2020.
“Our customers are increasingly looking for a large variety of in-stock products, helpful staff and convenience. Our Redding dispensary will meet the needs of our clientele by offering a large variety of products including online ordering with real-time inventory availability,” said Mark Waldron, Chief Executive Officer of Vibe. “The dispensary is centrally located in a high-traffic area of Redding with easy access and ample parking. We are excited to continue to expand our footprint in California, offering more opportunity to share Vibe by California’s unique brand with consumers looking to indulge in premier cannabis products combined with excellent service standards.”
Vibe has also completed electrical service upgrades to its Sacramento Cannabis Campus with additional transformers increasing electrical capacity to 1800 Amps, installation of an automated irrigation and nutrient delivery systems, upgrades to HVAC, plumbing, electrical, fire safety systems, security as well as Occupational Health and Safety upgrades.
Vibe continues to expand its footprint in the State of California and management is currently exploring additional opportunities to add additional dispensary and cultivation locations to its portfolio of cannabis assets throughout 2020.
