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Nabis Holdings beefs up Michigan assets as the state prepares for recreational cannabis sales on December 1

Nabis invested in two properties in Emmett Township and Kawkawlin that already have municipal approvals for provisioning centres

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The new investments come just days before Michigan will allow the sale of legal marijuana for recreational use

Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) is betting on Michigan’s cannabis potential with two new investments in the Great Lakes state. 

The Vancouver-based company said that it had completed its investments in two properties in Emmett Township and Kawkawlin that already have municipal approvals for provisioning centres. 

Nabis now has seven investments in the northeastern US state. 

READ: Nabis Holdings taps into US investor base with OTCQB listing

The new investments come just days before Michigan will allow the sale of legal marijuana for recreational use.

Starting December 1, residents will be able to purchase cannabis from retail establishments. Although the state-approved recreational pot sales in late 2018, rollout was not expected to occur until at least 2020.

Nabis CEO Shay Shnet said that the company’s investments align directly with its growth strategy not only in Michigan but throughout the US.

“As one of the largest medical license cannabis markets in the US., this milestone aligns with Nabis’ long-term growth strategy of entering into limited license states and decisively positions the company to continue successfully expanding its footprint nationwide,” Shnet said in a statement Monday.

The cannabis company paid an undisclosed amount in cash both at closing and deferred for a later date.

Nabis also has investments in Washington, Arizona and California.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Nabis Holdings Inc.

Price: 0.065 CAD

CSE:NAB
Market: CSE
Market Cap: $7.11 m
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