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The Cannabist Company has entered into a definitive agreement with a multi-state cannabis operator to sell its Lakeland cultivation facility. It also entered into a definitive agreement with MINT Cannabis and Shango, as joint venture partners, to sell all 14 Cannabist dispensaries in Florida and the company’s cultivation and manufacturing facilities in Alachua and Arcadia. After closing, the dispensaries are expected to be rebranded to “MINT Cannabis.”
Lakeland Transaction Highlights
- Consideration for the Lakeland Transaction, subject to adjustment, is $11.4 million, payable in cash. $2 million of this consideration is already held in escrow.
- Transaction includes a more than 40,000-square-foot cultivation facility in Lakeland.
MINT/Shango Transaction Highlights
- Consideration for the MINT/Shango Transaction, subject to adjustment, is $5 million. Upon closing, the MINT Shango JV will pay closing consideration of $3 million in cash and issue a $2 million promissory note. $750,000 of this consideration is already held in escrow.
- Additionally, the MINT Shango JV will transfer to the company all outstanding equity interest in its MMTC license entity, which the company expects to divest to an additional third party.
- Transaction includes:
- 14 Cannabist dispensaries
- Two cultivation and manufacturing facilities
- The company’s MMTC license
