Mint, Shango Announce Plans For Its Florida Purchase
The two companies created a joint venture for the deal called Mint Shango JV
The Cannabist (OTC: CBSTF) recently told investors that it was divesting some of its Florida assets to privately-owned multi-state operators MINT Cannabis and Shango in a deal valued at $5 million.
The two companies created a joint venture for the deal called Mint Shango JV and have announced their plans for the acquisition. The purchase included 14 Cannabist dispensaries, two cultivation and manufacturing facilities in Alachua and Arcadia and the company’s MMTC license.
The Mint/Shango JV will retain its existing indoor cultivation facility and transfer to The Cannabist Company all of the outstanding equity interests in its existing MMTC license holder which they plan to divest upon close.
Shango plans
Mint’s Chief Executive Officer Eivan Shahara said “We are thrilled to join forces with the Shango team to bring a premier consumer experience to the state of Florida. In particular, (pending regulatory approval and closing), we look forward to welcoming The Cannabist company’s Florida family of employees into our fold. From there, we will continue our Florida expansion through organic growth.”
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