SOL Global Adds California to Its MSO Portfolio with Proposed Acquisition of Premiere Cultivation, Processing, and Dispensary Companies SOL Global to Acquire Northern Emeralds and One Plant-Branded Dispensaries The Proposed Acquisitions Further Solidifies SOL Global’s MSO Strategy Which Would Include Robust Operations in 3 of the Top 10 Cannabis Markets by Revenue in the U.S., Florida, Michigan and California
TORONTO, May 16, 2019 /PRNewswire/ – SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) is pleased to announce that it has entered into letters of intent to acquire ECD, Inc., which operates as Northern Emeralds (“Northern Emeralds”), an industry leading cannabis cultivation, processing and distribution company headquartered in Humboldt County, California, as well as six (6) licensed dispensary companies in California that will subsequently operate under the nationally recognized “One Plant” brand. SOL Global intends to open One Plant-branded dispensaries throughout California (a total of 20 operating and licensed dispensary companies), Florida, and Michigan.
SOL Global intends to establish a new separate cannabis multi-state operator (“MSO”) by combining its proposed acquisitions of Northern Emeralds and the six (6) One Plant California dispensaries with its previously announced proposed acquisition of Michigan-based MCP Wellness Inc. and the Company’s existing Florida-based cannabis company, 3 Boys Farms, LLC. If the proposed acquisitions are completed, SOL Global intends to pursue a “going public transaction” of the MSO by way of an initial public offering, reverse takeover, plan of arrangement or other similar transaction that will result in the listing of the shares of the MSO on a recognized Canadian stock exchange.
Pursuant to the terms of a binding letter of intent between the Company and ECD, Inc., the Company will acquire Northern Emeralds for an aggregate purchase price of US$120 million, less certain adjustments. The purchase price