Comment Cannabisradar.info: We still like the strong investment portfolio of Nabis Holdings and their big cash position of 20,2 Mio C$ as of July 30,2019! The recent news release confirms our view, that the company is well positioned to benefit from their strategic investments in various US states.
Nabis Holdings Closes Acquisition of Emerald Phoenix and Infusion Edibles in Arizona
Closing of acquisition is non-dilutive as no Nabis common shares are issued
VANCOUVER, British Columbia, Oct. 28, 2019 (GLOBE NEWSWIRE) — Nabis Holdings Inc. (CSE:NAB) (OTC: NABIF) (FRA:A2PL) (“NabisTM” or the “Company”), a leading Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, today announced that it has completed the acquisition of 100% of the membership units of Perpetual Healthcare Inc. This acquisition, previously announced on August 12, 2019 and October 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 & 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 9 month period ending September 30, 2019.
Nabis acquired 100% 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% interest.