Cookies announced its intention to acquire all operational cannabis assets related to the production and sale of Cookies-branded cannabis products in the Sunshine State from TRP Co. and its affiliates in Florida. The announcement follows a recent Florida Supreme Court ruling to allow an adult-use marijuana legalization measure on the November ballot, as well as the recent announcement that the U.S. Drug Enforcement Administration will move to reclassify marijuana as a Schedule III drug.
According to TRP's website, it currently operates seven Cookies-branded dispensaries in Florida and plans to soon open another three. Cookies did not disclose financial details for the transaction.
“Acquiring direct ownership of all of these Florida assets by exercising our contractual option to do so enables us to deliver on our original corporate strategy, gives us full control over our supply chain, and empowers us to provide the best customer experience with our stores and products in Florida,” said Parker Berling, Cookies’ President.
“We’re grateful to the Florida Supreme Court for its decision to put adult-use legalization on the ballot, honoring the democratic process and safeguarding the rights of Floridians to decide on such critical matters,” said Gilbert A. Milam, Jr., Cookies’ Chief Executive Officer. “With adult use on the horizon, we see a lot of potential for the Florida market.”
The consummation of the roll-up transactions in the State of Florida is subject to a standard diligence process, execution of definitive documents and regulatory approval, including approval by the Florida Department of Health, Office of Medical Marijuana Use (OMMU) of the transfer of the license related to the assets.