TORONTO – Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMV; STUTTGART: NMVA; USOTC: CPTRF), (“Captor” or the “Company”) today announced that it entered into a joint venture (the “Joint Venture”) with California based Three Habitat Consulting Holdco Inc. (“Three Habitat”), which owns and operates a retail chain of dispensaries in California under the brand One Plant. Captor and Three Habitat have set up a joint venture company called Captor Retail Group Inc. (“CRG”), which will be owned 51% by Captor and 49% by Three Habitat. Under the terms of a contribution agreement entered into between Captor and Three Habitat (the “Contribution Agreement”), Captor will contribute $2mm in cash along with its two Chai branded dispensaries in Santa Cruz and Castroville in exchange for its 51% interest in CRG. Three Habitat will contribute its seven One Plant dispensaries to CRG in exchange for its 49% interest in CRG. Of the seven dispensaries being contributed to the Joint Venture by Three Habitat, the retail dispensaries in Salinas, Atwater, and El Sobrante are licensed and open for business. The locations in Antioch, Goleta, Lompoc, and Palm Springs are currently under construction and are expected to be operational soon.
Adam Wilks, COO of Three Habitat, will assume the role of CEO of Captor Retail Group and will manage the day-to-day operations of all nine dispensaries, as well as oversee the transfer of the dispensary licenses to CRG, as well as the construction and licensing of the four One Plant dispensaries that are currently under construction. Mr. Wilks brings more than a dozen years of experience, in the quick service restaurant (QSR) industry having worked with brands including Yogen Früz, Pinkberry, Cold Stone Creamery and Buy N Bulk. Mr. Wilks currently oversees Three Habitat’s chain of dispensaries and real estate portfolio in California.