MMAC Sells Select Assets to DionyMed for $19.067 Million
July, 2019 - United States of America
July 24, 2019 (SAN FRANCISCO, CA) – MM Esperanza 2 LLC, doing business as "MMAC," has completed the sale of select assets, including its undeveloped 1.83 acre Los Angeles real estate parcel, to DionyMed Brands (CSE: DYME) (OTCQB: DYMEF). Under terms of the acquisition, DionyMed paid MMAC US$13.067 million in cash and issued US$6 million in DionyMed Series A Multiple Voting Shares.
The transaction allows MMAC to substantially accelerate its retail growth strategy and elevate its already profitable Southern California operations in the retail, cultivation and distribution verticals, returning the company to the capital markets as one of California's most profitable and authentic vertically integrated cannabis enterprises.
"Our refreshed war chest of financial resources will support our focus on expansion into the San Francisco market. In August 2019 we’ll open a 3,800-square-foot Project Cannabis dispensary in the SOMA district of the city, our first in Northern California," explains Cameron Wald, Executive Vice President, Director of Operations of MMAC. "The SOMA dispensary adds to our portfolio of three Los Angeles dispensaries and will further drive market share of our four-time High Times' Cup-winning Triple Seven flower brand and our top-selling Classix flower and vapes retro brand, grown in our best-in-class indoor cultivation facility.”
Hanson Bridgett represented MMAC in this transaction. The Hanson Bridgett team was led by corporate partner Jonathan Storper with assistance from senior counsel Neepa Ranavat.
About MMAC
MMAC is relentlessly committed to delivering a dynamic cannabis lifestyle experience to everyone it serves. The Company owns and operates four premier dispensaries in California under the name Project Cannabis and cultivates in a 36,000 square foot state of the art indoor facility. MMAC has internally developed a portfolio of award winning brands including Triple Seven, Classix, the Plug LA, Budder Bus, and Slab Cab. More information about MMAC can be found at projcan.com.
