REPEAT - Nabis Holdings Completes Investment in Bangor City, Michigan Property with Ten Class C Cultivation Licenses and a Pr...
April 24 2019 - 7:30AM
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Innovative Properties Inc. d/b/a Nabis Holdings (CSE:NAB; OTC:
INNPF; FRA: 71P) (“
Nabis” or the
“
Company”), a leading Canadian investment company
with specialty investments in assets across multiple divisions of
the cannabis sector, today announced that it has completed its
investments (“Investments”), in strategically located property in
Bangor City, Michigan (“Bangor City”), that has received municipal
approvals for ten cultivation licenses and one processing license.
This property allows Nabis to grow indoor, outdoor and greenhouse
cannabis with an unlimited stacking ability of cultivation
licenses.
Cultivation at the property is expected to
commence in the first quarter of 2020. Nabis Holdings will be
developing a 60,000 square foot indoor cultivation and processing
center along with a 45,000 square foot hybrid greenhouse.
“In early 2020, our Bangor property will become
a critical cultivation center for our Michigan operations, with
projected harvest of more than 40,000 pounds of dry flower per year
and have the capability of producing over 35,000 pounds of high
grade distillate at its full capacity,” said Shay Shnet, CEO &
Director of Nabis. “We remain committed to our aggressive
cross-country expansion as we seek out additional opportunities in
limited license states that will bolster our cultivation
capabilities and expand the Company’s footprint.”
Pursuant to the investment agreements, the
Company paid a combination of cash at closing and deferred cash for
approximately $775,000. The Company will issue Finder Fee shares
subject to the board and CSE approval.
With the closing of this 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, 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.
For more information, please visit
https://www.nabisholdings.com/.
Forward-Looking StatementsAll
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.
The CSE does not accept responsibility
for the adequacy or accuracy of this release.
For inquiries, please contact:
Company Contact:PH:
604-687-7130info@nabisholdings.com
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