DionyMed Brands Inc. DYMEF 10.68% said Friday that it entered a definitive agreement to acquire select assets from MM Esperanza 2 LLC and MMAC’s 1.83-acre Los Angeles cannabis campus.
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.
DionyMed said it signed an agreement with Innovative Industrial Properties, Inc. IIPR 0.06%to buy the Los Angeles cannabis campus for $13 million, with a long-term lease back of 15 years and two optional five-year extensions.
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.
To Read The Rest Of This Article By Nina Zdinjak on Benzinga
Published: July 19, 2019
Founder & Interim Editor of L.A. Cannabis News
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