The Cannabist Company has successfully closed the sale of its Pennsylvania affiliate that owns 3 medical dispensaries to VP Investment Holdings. VP Holdings is comprised of principals from a leading privately-held dispensary operator in Pennsylvania, Restore Integrative Wellness Center, LLC. The sale will include a concurrent supply agreement with VP Holdings for products produced by Cannabist's grow/processing affiliate, Green Leaf Medicals.
"This Pennsylvania Transaction is a clear example of executing on our strategic plan to simplify our business and optimize existing assets, while delivering immediate financial benefits," stated David Hart, CEO of The Cannabist Company. "We've taken a proactive and thoughtful step that strengthens our balance sheet, bolsters liquidity, and enhances our operational focus. By divesting our retail footprint in Pennsylvania for all cash and entering into a meaningful wholesale agreement, we are now better positioned to optimize our best-in-class Saxton cultivation facility and expand distribution of our high-quality products to patients across the state. This transaction positions us to better capitalize on the current medical landscape and future opportunities in a potential adult-use market."
CLD Advisory served as exclusive financial advisor and Foley Hoag LLP served as legal advisor, while Cannabis Law Solutions served as Pennsylvania regulatory counsel to The Cannabist Company. Ballard Spahr LLP acted as legal advisor to Restore.
For more information:
The Cannabist Company
www.cannabistcompany.com
