
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.
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