Nabis Holdings Signs Definitive Agreement to Purchase Assets Including Established Extraction & Production Facility in Washin...
May 13 2019 - 2:00AM
Innovative Properties Inc. d/b/a Nabis Holdings (CSE: NAB; OTC:
INNPF; FRA: 71P) (“
Nabis” or the
“
Company”), is pleased to announce that it,
through a wholly-owned subsidiary, has signed a definitive
agreement to purchase certain assets from PDT Technologies LLC
(“PDT”), including extraction and production equipment and rights
to lease its current production facility in Port Townsend, WA. In
addition, the Company will purchase the exclusive licensing rights
throughout the state of Washington to Chong’s Choice brand
products, one of the leading and most recognizable brands in the
cannabis space.
PDT owns and operates an already-established
production facility that produces high grade cannabis concentrate.
The Company is planning to spend approximately USD $3 million to
further expand the existing facility with new highly specialized
equipment, two new extraction lines, an extraction clean room and
lab facility, capable of producing up to 20,500 KG of cannabis
concentrate on an annual basis. The facility will be subleased to a
licensed Washington cannabis processor.
The Chong’s Choice brand, as one-half of the
legendary comedy duo Cheech & Chong, is a well-known brand in
the cannabis space. The Company expects that the rights it will
acquire to the Chong’s Choice brand will provide it with new
opportunities to forge licensing relationships with state-licensed
Washington processors.
“Our agreement with PDT stands to dramatically
expand our footprint and licensing capabilities in the
well-established, state of Washington,” said Shay Shnet, CEO and
Director of Nabis. “In connection with the acquisition, our
expansion of the existing facility with a new ISO designed
extraction clean room and GMP lab facility falls squarely within
our aggressive expansion plans. Additionally, the
included licensing rights for the Chong’s Choice brand represents a
compelling addition to the recreational and lifestyle aspect of the
Company’s investment portfolio in intellectual property.”
As Washington State is a relatively mature state
with proven metrics, the Company will continue to evaluate
opportunities within the state, along with many other limited
license states in the near term as part of the Company’s
multi-state cannabis expansion strategy.
About Innovative Properties Inc. (dba Nabis
Holdings)
Nabis Holdings is a Canadian investment issuer
that invests in high quality cash flowing assets across multiple
industries, including real property, securities, cryptocurrency,
and all aspects of the U.S. and international cannabis sector. Led
by two of the co-founders of MPX Bioceutical, one of the largest
takeovers in the U.S. Cannabis space to date, the company has a
proven track record in emerging markets to create significant
shareholder value. The Company is focused on investing, where
permitted, across the entire vertically integrated aspects of the
space with a focus on revenue generation, EBITDA and growth.
For more information, please visit
https://www.nabisholdings.com/.
Forward-Looking StatementsAll
statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
The risks are without limitations: that the acquisitions will be
completed by the Company or completed upon the terms disclosed; the
price for cannabis and related products will remain consistent and
the consumer demand remains strong; availability of financing to
the Company to develop the retail locations; retention of key
employees and management; changes in State and/or municipal
regulations of retail operations and changes in government
regulations generally. Important factors that could cause actual
results to differ materially from the Company’s expectations are
disclosed in the Company’s documents filed from time to time with
the Canadian Securities Exchange, the British Columbia Securities
Commission, the Ontario Securities Commission and the Alberta
Securities Commission.
The CSE does not accept responsibility for the adequacy
or accuracy of this release.
For inquiries, please contact:
Company Contact:PH:
604-687-7130info@nabisholdings.com
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