Canadian cannabis company to pay $1.6M for California dispensary

California marijuana

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]

To enroll for our weekly Canada marijuana enterprise publication, click on right here.

Categories: Briefs, California Medical Cannabis Business & Marijuana Legal News, Canada Marijuana News, Cultivation, Dispensary/Retail Store Business News, Marijuana Stocks & Public Companies


Be the first to comment

Leave a Reply

Your email address will not be published.