Nabis Holdings Inc., a Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, announced Monday it has completed the acquisition of 100% of the membership units of Perpetual Healthcare Inc. The acquisition includes Arizona-based Emerald Phoenix, a licensed medical marijuana dispensary, 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 Sept 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.
AP Photo Julio Cortez