MINT Cannabis and Shango, two multi-state cannabis operators, have formed a joint venture and agreed to acquire The Cannabist Company's Florida subsidiary. This acquisition includes 14 dispensaries, two cultivation and manufacturing facilities, and an MMTC license, totaling $5 million.
The joint venture plans to rebrand the dispensaries as "MINT Dispensary" and expand operations in Florida to 35 locations within 18 months. MINT will focus on improving the dispensaries' operations, while SHANGO will provide its cannabis products, including flower, extracts, and edibles. SHANGO will also help develop the cultivation and processing facilities.
The transaction is awaiting regulatory approval. If approved, the employees of the Cannabist Company in Florida will join the MINT SHANGO team.
MINT's Chief Executive Officer Eivan Shahara stated: "We are thrilled to join forces with the SHANGO team to bring a premier consumer experience to the state of Florida. In particular, (pending regulatory approval and closing), we look forward to welcoming The Cannabist Company's Florida family of employees into our fold. From there, we will continue our Florida expansion through organic growth." SHANGO's Chief Executive Officer Brandon Rexroad added: "Florida has always been a prime target for our teams due to the unparalleled market dynamics and potential for depth in this state. We believe The Cannabist Company's assets are strongly situated in key cities across Florida, providing us with a tremendous opportunity for vertical expansion of cultivation, processing, and dispensing to serve its loyal patient base."
For more information:
Mint Cannabis
themintcannabis.com