SOL Global Investments Corp. (CSE:SOL (OTCPK:SOLCF) ) (Frankfurt:9SB), made a US$6.5m investment in its portfolio company CannCure Investments Inc.
CannCure is a majority-owned subsidiary of SOL Global that indirectly holds 100% of 3 Boys Farms, LLC, a Florida limited liability company with a Florida state license to cultivate, process and dispense medical marijuana and other diversified cannabis assets in various stages of investment.
The investment is intended to accelerate the growth of its position throughout the cannabis markets of Florida, Michigan, and California.
In details, CannCure will utilize the SOL investment to progress the binding agreements it has in place towards closing to acquire:
(a) 100% of MCP Wellness, which owns the rights to two Michigan cannabis cultivation licenses, a Michigan cannabis processing license, and three fully licensed cannabis provisioning centers in Michigan (with a fourth provisioning center scheduled to open in Ann Arbor in July 2019), and nine additional municipally-approved provisioning centers that are under development;
(b) 100% of Northern Emeralds, the preeminent cannabis cultivator based in Humboldt County, California, that is one of the leading cannabis flower cultivators in California boasting award-winning premium flower strains such as “Titan OG”, “Sapphire Cush” and “Durban Poison”; and
(c) 100% of Three Habitat Holdings, which owns and operates One Plant dispensaries in California.
The funded company intends to combine these acquisitions into one multistate operator (“MSO”) that will have operations in three of the top 10 state cannabis markets by revenue, with vertically integrated operations across all three states and approximately 46 retail locations in operation by the end of 2020.
As a result of the additional US$6.5m investment into CannCure, SOL Global’s current ownership has increased to 97.8%.