$16.4M Asset Sale Marks The Cannabist Company’s Florida Exit In Streamlining Effort
The Cannabist Company Holdings Inc. (OTCQX:CBSTF) (FSE: 3LP) announced on Friday that it has entered into a definitive agreement to sell its 40,000-square-foot cultivation facility in Lakeland, Florida, for $11.4 million, payable in cash. The company said $2 million of this consideration is already held in escrow.
Additionally, the New York-based cannabis giant has reached a definitive agreement with MINT Cannabis and Shango, as joint venture partners, to sell all 14 of its Cannabist dispensaries in Florida, along with its cultivation and manufacturing facilities in Alachua and Arcadia. The Cannabist Company will retain one MMTC license, which it plans to divest to a third party at a later time.