The Cannabist Company Announces Closing on Sale of Florida Assets to MINT Cannabis and SHANGO
The Cannabist Company announced the closing of its sale of 14 Florida dispensaries and two cultivation and manufacturing facilities to a joint venture between MINT Cannabis and SHANGO. The transaction, previously announced on August 23, 2024, includes a total consideration of $5 million, with $3 million paid in cash and a $2 million promissory note. Additionally, $750k was held in escrow.
The MINT/SHANGO JV transferred all outstanding equity interest in its MMTC license entity to The Cannabist Company, which plans to divest it to a third party. This sale is part of The Cannabist Company's strategy to streamline its portfolio and strengthen its balance sheet. The company also expects to close an additional transaction in Lakeland for $11.4 million.
ATB Capital Markets acted as the financial advisor for The Cannabist Company, while CLD Advisory advised the MINT/SHANGO JV.
The Cannabist Company ha annunciato la chiusura della vendita di 14 dispensari in Florida e due impianti di coltivazione e produzione a una joint venture tra MINT Cannabis e SHANGO. La transazione, precedentemente annunciata il 23 agosto 2024, include un corrispettivo totale di 5 milioni di dollari, di cui 3 milioni pagati in contanti e una nota promissoria di 2 milioni di dollari. Inoltre, 750k sono stati trattenuti in deposito.
La JV MINT/SHANGO ha trasferito tutti i diritti azionari in sospeso della sua entità con licenza MMTC a The Cannabist Company, che prevede di dismetterla a una terza parte. Questa vendita fa parte della strategia di The Cannabist Company per semplificare il proprio portafoglio e rafforzare il proprio bilancio. L'azienda prevede inoltre di chiudere un'ulteriore transazione a Lakeland per 11,4 milioni di dollari.
ATB Capital Markets ha agito come consulente finanziario per The Cannabist Company, mentre CLD Advisory ha consigliato la JV MINT/SHANGO.
The Cannabist Company anunció el cierre de la venta de 14 dispensarios en Florida y dos instalaciones de cultivo y manufactura a una empresa conjunta entre MINT Cannabis y SHANGO. La transacción, anunciada previamente el 23 de agosto de 2024, incluye una contraprestación total de 5 millones de dólares, de los cuales 3 millones se pagaron en efectivo y 2 millones en una nota promisoria. Adicionalmente, se retuvieron 750k en una cuenta de garantía.
La JV MINT/SHANGO transfirió todo el interés accionario pendiente en su entidad con licencia MMTC a The Cannabist Company, que planea desinvertirlo a un tercero. Esta venta es parte de la estrategia de The Cannabist Company para simplificar su cartera y fortalecer su balance. La compañía también espera cerrar otra transacción en Lakeland por 11.4 millones de dólares.
ATB Capital Markets actuó como asesor financiero de The Cannabist Company, mientras que CLD Advisory asesoró a la JV MINT/SHANGO.
The Cannabist Company는 MINT Cannabis와 SHANGO의 합작 투자에 14개의 플로리다 약국과 두 개의 재배 및 제조 시설의 매각을 완료했다고 발표했습니다. 이 거래는 2024년 8월 23일에 발표되었으며, 총 500만 달러의 대가가 포함되어 있으며, 이 중 300만 달러는 현금으로 지급되었고 200만 달러는 약속어음으로 지급됩니다. 더불어, 75만 달러가 에스크로에 보관되었습니다.
MINT/SHANGO 합작 투자는 MMTC 라이센스 단체의 모든 미결 자본 지분을 The Cannabist Company에 이전했으며, 해당 회사는 이를 제3자에게 매각할 계획입니다. 이 판매는 The Cannabist Company가 포트폴리오를 간소화하고 재무 건전성을 강화하기 위한 전략의 일환입니다. 또한, 이 회사는 Lakeland에서 1140만 달러의 추가 거래를 마무리할 것으로 예상하고 있습니다.
ATB Capital Markets는 The Cannabist Company의 재정 고문으로 활동했으며, CLD Advisory는 MINT/SHANGO 합작 투자를 자문했습니다.
The Cannabist Company a annoncé la clôture de la vente de 14 dispensaires en Floride et de deux installations de culture et de fabrication à une joint-venture entre MINT Cannabis et SHANGO. La transaction, annoncée précédemment le 23 août 2024, comprend une contrepartie totale de 5 millions de dollars, dont 3 millions ont été payés en espèces et 2 millions sous forme de billet à ordre. De plus, 750 000 dollars ont été conservés en séquestre.
La JV MINT/SHANGO a transféré tous les droits de propriété en cours sur son entité de licence MMTC à The Cannabist Company, qui prévoit de le céder à un tiers. Cette vente fait partie de la stratégie de The Cannabist Company visant à rationaliser son portefeuille et à renforcer son bilan. La société s'attend également à finaliser une transaction supplémentaire à Lakeland pour 11,4 millions de dollars.
ATB Capital Markets a agi en tant que conseiller financier de The Cannabist Company, tandis que CLD Advisory a conseillé la JV MINT/SHANGO.
The Cannabist Company hat den Abschluss des Verkaufs von 14 Dispensaries in Florida und zwei Anbau- und Produktionsanlagen an ein Joint Venture zwischen MINT Cannabis und SHANGO bekannt gegeben. Die Transaktion, die zuvor am 23. August 2024 angekündigt wurde, beinhaltet einen Gesamtbetrag von 5 Millionen Dollar, von denen 3 Millionen in bar und 2 Millionen in einer Schuldscheinnote gezahlt wurden. Außerdem wurden 750.000 Dollar in Treuhand gehalten.
Das MINT/SHANGO JV übertrug alle ausstehenden Eigenkapitalanteile an seiner MMTC-Lizenzgesellschaft an The Cannabist Company, die plant, diese an einen Dritten abzutreten. Dieser Verkauf ist Teil der Strategie von The Cannabist Company, ihr Portfolio zu straffen und ihre Bilanz zu stärken. Außerdem erwartet das Unternehmen, eine weitere Transaktion in Lakeland im Wert von 11,4 Millionen Dollar abzuschließen.
ATB Capital Markets fungierte als Finanzberater für The Cannabist Company, während CLD Advisory das MINT/SHANGO JV beraten hat.
- Sale of 14 dispensaries and two facilities for $5 million.
- Receipt of $3 million in cash and a $2 million promissory note.
- Strengthening of balance sheet and streamlining of portfolio.
- Planned sale of MMTC license to a third party.
- Expected additional transaction in Lakeland for $11.4 million.
- Exit from the Florida market due to unprofitability.
Joint Venture between MINT Cannabis and SHANGO Acquires All 14 Florida Cannabist Dispensaries and Two Cultivation and Manufacturing Facilities
MINT/SHANGO Transaction Highlights
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Consideration for the MINT/SHANGO Transaction, subject to adjustment, is
$5 million $3 million $2 million $750 k - Additionally, the MINT/SHANGO JV transferred to the Company all outstanding equity interest in its MMTC license entity, which the Company expects to divest to an additional third party.
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Transaction includes:
- 14 Cannabist dispensaries
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Two (2) cultivation and manufacturing facilities in
Alachua andArcadia - The Company’s MMTC license
The Cannabist Company Management Commentary
“This sale is a key part of our ongoing strategy to streamline our company portfolio and strengthen the balance sheet as we build a better, more sustainable business. As we've previously noted, exiting
ATB Capital Markets is acting as financial advisor to the Company on the
For more information, visit cannabistcompany.com.
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 14 U.S. jurisdictions. The Company operates 91 facilities including 71 dispensaries and 20 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the Company’s ability to execute on its market exit from
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106328681/en/
Investors
Lee Ann Evans
SVP, Capital Markets
investor@cannabistcompany.com
Media
Lindsay Wilson
SVP, Communications
media@cannabistcompany.com
Source: The Cannabist Company Holdings Inc.
FAQ
What did The Cannabist Company sell to MINT Cannabis and SHANGO?
What was the total consideration for the MINT/SHANGO transaction?
What is the significance of the MMTC license in the transaction?
Why did The Cannabist Company exit the Florida market?
What is the expected value of the additional transaction in Lakeland?
