- Cannabis investment building company Nabis Holdings is establishing a profile of synergistic and vertical properties across the United States
- The company recently announced an agreement to gain 100 percent of the membership units in a Phoenix-based medical marijuana asset, including a dispensary in a community that serves more than 132,000 unique patients
- The acquisition adds to Nabis’ already growing profile in the state, including a broad dispensary network, cultivation facility and greenhouse north of Phoenix
- Nabis expects its revenues to see a sharp increase during the next two years with its acquisition strategy
Vertically integrated cannabis specialty investment company Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: 71P) is growing its green profile in the desert of the Southwestern United States. Nabis announced August 12 that it has entered into a definitive agreement that will grant it 100 percent of an Arizona medical marijuana business’s membership units as a significant asset in a state where Nabis is cultivating a market presence.
The transaction, which is subject to the customary regulatory approvals and conditions for closing, is expected to expand Nabis’ position to 10 locations for retail, cultivation and processing facilities across the United States, including California’s world-leading marketplace and Michigan’s up-and-coming industry.
The new asset agreement grants Nabis access to a dispensary that operates in Phoenix’s metropolitan market area, serving more than 132,000 unique patients, according to Arizona Department of Health Services figures. A news release on the agreement states that the asset’s audited sales for 2017 and 2018 were $7.4 million and $8.7 million, respectively (http://cnw.fm/MnOp6).
“Entering Arizona is a key milestone in our business as we leverage our early-mover advantage to capitalize on one of the strongest limited-license, medical cannabis markets in the U.S.,” Nabis CEO and Director Shay Shnet stated in a news release. “We are confident that, given the revenue generation history of the business’ existing assets, combined with ongoing initiatives to further expand production and distribution capabilities, Nabis will be well positioned to capitalize on the dramatic growth of the cannabis market in Arizona.”
The asset has proprietary branded products and wholesale operations, including an established distribution network serving more than 50 percent of the dispensaries in Arizona, according to the news release. The Phoenix dispensary will be rebranded as Nabis once the transaction closes.
As of June, Arizona had 210,430 registered card holders eligible to consume medical-grade cannabis products.
A noteworthy acquisition for Nabis this year was that of Desert’s Finest, a 6,000-square-foot dispensary located in Desert Hot Springs, less than two hours east of Los Angeles and accessible to the nationally recognized Coachella Music Festival.
Desert’s Finest added more than 37,000 registered patients to Nabis’ growing list of customers. The dispensary reported more than $5.7 million in revenues over the previous year with a 47 percent gross profit margin.
For more information, visit the company’s website at www.NabisHoldings.com
NOTE TO INVESTORS: The latest news and updates relating to NABIF are available in the company’s newsroom at http://cnw.fm/NABIF
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
Do you have a questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com