A Canadian marijuana company has entered into an settlement to purchase a privately owned medical cannabis dispensary in California for $1.6 million (CA$2 million), the newest signal that curiosity in American MJ belongings is slowly choosing up in Canada.
British Columbia-based Marapharm put down a money deposit of $160,000 for Green Leaf Wellness in Desert Hot Springs, in accordance to a information launch.
Another $1.44 million is payable on the closing of the deal, which is predicted by the top of the yr.
Marapharm – traded on the Canadian Securities Exchange (CSE) beneath the image MDM – already owns cultivation properties shut to the Green Leaf Wellness location.
Green Leaf Wellness’ leased area in a strip mall consists of three,200 sq. ft of retail area and three,000 sq. ft of unused cultivation area.
Here’s what you want to know:
- Marapharm plans to use the cultivation area, which it says is licensed.
- Green Leaf Wellness nets about $35,000 per 30 days from gross sales.
- Green Leaf Wellness will grow to be a division of Marapharm.
- Canadian corporations on the CSE are allowed to personal American marijuana belongings so long as they disclose dangers to buyers.
- Canadian corporations on the Toronto Stock Exchange and TSX Venture will not be allowed to personal cannabis belongings within the United States.
- Other Canadian corporations on the CSE, corresponding to Ottawa’s CannaRoyalty Corp. (CRZ), are closely invested within the American market.
Matt Lamers might be reached at [email protected]
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