The acquisition will enable DionyMed to broaden its business operations in Southern California to serve the entire state, according to the company.
DionyMed said it will pay MMAC $13.07 million in cash and issue $6 million in DionyMed Series A multiple voting shares.
Both deals are expected to close before July 23, according to DionyMed.
Innovative Industrial Properties is set to provide DionyMed with $2 million for property renovations.
“Our ability to effectively deliver and distribute today’s most in-demand cannabis products in California, the world’s largest cannabis market, has been one of our key differentiators in this explosive growth industry,” DionyMed CEO Edward Fields said in a statement.
Published: July 19, 2019
Founder & Interim Editor of L.A. Cannabis News