$16.4M Asset Sale Marks The Cannabist Company's Florida Exit In Streamlining Effort
The Cannabist Company Holdings Inc. (OTCQX: CBSTF) (FSE: 3LP) announced on Friday that it has entered into a definitive agreement with a leading multistate operator to acquire the 40,000-square-foot cultivation facility in Lakeland, Florida for $11.4 million, payable in cash. The company said $2 million of this consideration is already held in escrow. In addition, the New York-based cannabis giant entered into a definitive agreement with MINT Cannabis and Shango, as joint venture partners, to acquire all 14 Cannabist dispensaries in Florida and the company's cultivation and manufacturing facilities in Alachua and Arcadia. The Cannabist Company will retain one MMTC license. Consideration for the MINT/Shango deal, subject to adjustment, is $5 million. Upon closing, the MINT Shango JV will pay a closing consideration of $3 million in cash and issue a $2 million promissory note. $750k of this consideration is already held in escrow.