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Tags: Medicinal Marijuana
Vancouver, BC / TheNewswire / November 28, 2017 - I-5 Holdings Ltd. ("I-5") a Canadian investment firm is please to announce that it has acquired controlling management rights to a West Hollywood California medical marijuana dispensary for $13.5 Million USD. The transaction represents the second acquisition by I-5 of a dispensary specifically managed by MedMen.
The medical marijuana dispensary, located on Santa Monica Boulevard, West Hollywood has been managed by MedMen since 2015. MedMen (www.medmen.com) will continue to manage day to day operations on behalf of I-5. MedMen has a 15-20% higher average ticket sale per customer than the industry average.
The West Hollywood location has just been awarded best Los Angeles dispensary in LA Weekly Magazine in its recent "Best of" issue. The dispensary was also named one of the best marijuana dispensaries in Los Angeles by "The Culture Trip" (www.theculturetrip.com), a U.K. based lifestyle website.
About the Transaction
I-5 acquires 100% of the assets of the existing management company, in exchange for a total payment of $13.5 million USD. The vendor agreed to a structured payment schedule with an initial deposit of $11.5 million USD and a series of payments beginning in early 2018, and ending with a balloon payment in May of 2018 of $8.9 million USD.
About I-5
I-5 is a Canadian company focused on the US cannabis industry, with assets covering all three key verticals (production, processing and retail). The company currently has operations in Washington and California. I-5 acquires assets that have reached an inflection point in corporate growth and need capital to accelerate that growth. By bringing best practices from a broad range of industries and partnerships, I-5 not only brings growth capital, but also efficiencies to ensure ongoing profitability.
About MedMen
MedMen is a leading cannabis management and investment firm based in Los Angeles with operations and exposure across North America. The Firm offers turnkey services to license holders in the areas of cultivation, extraction, production and retail operations, and deploys capital in key strategic markets across the U.S. and Canada. For more information visit medmen.com
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of I-5 Holdings Ltd, MedMen LLC., to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include future operational and production capacity, the impact of enhanced infrastructure and production capabilities, and forecasted available product selection. The forward-looking statements included in this news release are made as of the date of this news release and I-5 Holdings Ltd. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
SOURCE I-5 Holdings Ltd
For Further information:
Brock Daem COO
604 250 4376
brock@i-5holdingsltd.com
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