Nabis Holdings Completes Investments in Two Municipally Approved Provisioning Centres - Muskegon & Bangor City, Michigan
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VANCOUVER, British Columbia, April 04, 2019 (GLOBE NEWSWIRE) -- Innovative Properties Inc. d/b/a Nabis Holdings (CSE:NAB; OTC: INNPF; FRA: 71P) (“Nabis” or the “Company”) is pleased to announce that it has completed its investments (“Investments”) in strategically located properties that have municipal approvals for provisioning centres in Muskegon (“Muskegon”) and Bangor City (“Bangor City”), both located in Michigan. The Company is currently targeting to complete five additional provisioning centers acquisitions in the coming weeks to a total of seven provisioning centers in Michigan. Nabis is currently evaluating ten to fifteen additional municipally-approved locations in Michigan which will substantially increase the Company’s overall presence in the U.S. cannabis space.
“The completion of our investments in the Muskegon & Bangor City provisioning centres in Michigan are only the start of an aggressive cross-country expansion for Nabis,” said Shay Shnet, CEO & Director of Nabis. “With the recent closing of our $35 million private placement debenture financing, we are planning to move aggressively to expand our presence in many other limited license states.”
Pursuant to the investment agreements, the Company paid a combination of cash at closing and deferred cash for an undisclosed total amount. The Company will issue Finder fee shares subject to the board and CSE approval.
With the closing of the Investment, the Company is working to complete the remainder of its previously announced binding Letter of Intent (“LOI”) as it continues to grow its footprint as part of the Company’s U.S. cannabis strategy.
About Innovative Properties Inc. (dba Nabis Holdings)
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical (CSE:MPX), one of the largest takeovers in the U.S. Cannabis space to date, the company has a proven track record in emerging markets to create significant shareholder value. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
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The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
Released April 4, 2019