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DionyMed Brands Inc. Signs Binding Term Sheet to Acquire 1.83 Acre Southern California Cannabis Campus from MMAC
DionyMed Strengthens Distribution and Direct-to-Consumer Platform in the Los Angeles Market
TORONTO–(BUSINESS WIRE)–DionyMed Brands Inc. (“DionyMed” or “Company”) (CSE: DYME), a multi-state cannabis brands platform, announced today it has signed a binding term sheet with MM Esperanza 2 LLC, doing business as “MMAC,” to acquire select MMAC assets (the “Acquisition”), including the 1.83 acre Los Angeles cannabis campus that includes a dispensary storefront, distribution facility, manufacturing hub and direct-to-consumer fulfillment center. The acquisition includes all property, leaseholds, equipment and licenses for a purchase price of USD$19,000,000 and enhances DionyMed’s brands distribution and direct-to-consumer footprint in Southern California.
Completion of this arms-length acquisition is subject to several conditions, including, but not limited to, the execution and delivery of definitive documentation mutually agreeable to the parties, completion of due diligence on MMAC to the Company’s sole satisfaction and receipt of all board, shareholder, regulatory and third-party approvals for the Acquisition.
Located in the heart of Los Angeles, MMAC’s 1.83 acre campus serves the Southern California cannabis market with a well-established retail storefront, a distribution, manufacturing, and direct-to-consumer fulfillment center supporting all of Los Angeles County. Under the terms of the agreement, DionyMed will pay MMAC USD$13,000,000 in cash, subject to financing, and USD$6,000,000 in DionyMed Common Shares.
ulfillment center supporting all of Los Angeles County. Under the terms of the agreement, DionyMed will pay MMAC $13,000,000 in cash and $6,000,000 in DionyMed Common Shares.
This acquisition accelerates the DYME brands portfolio in the world’s largest cannabis market – California. Together, with our existing Northern California footprint, this market leading cannabis campus supports our vision for bringing safe, trusted cannabis brands to consumers throughout the entire state.
Edward Fields, CEO of DionyMed
Cameron Smith, COO of MMAC, commented, “Now that we’ve established our Los Angeles platform, the sale of the property provides MMAC additional working capital to quickly expand its footprint beyond the Los Angeles area. Further, by partnering with DionyMed, one of the top operators in the cannabis industry, we can utilize their efficient direct-to-consumer cannabis platform to drive increased awareness of our brands.”
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Founded in 2017, DionyMed is a multi-state cannabis brands, distribution and delivery platform, supporting cultivators, manufacturers and award-winning brands in the medical and adult-use cannabis markets. DionyMed sells branded products in every category from flower to vape cartridges, concentrates and edibles. DionyMed serves more than 700 dispensaries and completes over 40,000 Direct-To-Consumer deliveries each month with its growing portfolio of products and brands. Learn more at www.DionyMed.com and follow @DYME_Inc on Twitter and LinkedIn.
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