Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) has received regulatory approval to operate the assets of Perpetual Healthcare Inc’s Emerald Phoenix, a medical marijuana dispensary, and Infusion Edibles, a cannabis-infused snack brand.
The approval brings Nabis’ portfolio of operating licensing rights to a total of 11 entities across four states, including retail, cultivation and processing facilities. Arizona-based Emerald Phoenix and Infusion Edibles were both originally acquired in August.
“As one of the strongest limited-license, medical cannabis markets in the U.S., Arizona continues to be a priority market for Nabis,” CEO Shay Shnet said in a statement.
“Expanding our operations with the Emerald Phoenix dispensary and well-known Infusion Edibles brand better positions us for our next phase of growth. Both businesses have a wide reach in Arizona, including an active registered purchasing patient roster of over 12,000 patients at the dispensary,” added Shnet.
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With its new additions, Nabis’ Arizona operations now include cannabis cultivation, fulfillment, production and retail. The company also owns what it calls The Hub, a 44,000-square-foot production and fulfillment facility.
Emerald Phoenix, the first dispensary licensed to operate in Phoenix, boasts purchasing patient roster of more than 12,000 patients, the company said. Phoenix as a whole is a market with 133,000 unique patients, according to August data from the Arizona Department of Health Services.
Meanwhile, Infusion Edibles offers cannabis-infused snacks and beverages, including baked goods, candies and soda. Nabis said it plans to expand the menu to include new products and seasonal treats.
The company said it would acquire 100% of the membership units of the asset for US$15 million. The payment consists of $7 million in cash, $2 million in stock and $6 million deferred six months with 5% interest. The stock will be issued in three tranches and priced according to the ten-day volume-weighted average price.
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