Michigan Also Recently Approved as Recreational Cannabis State Starting In 2020
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VANCOUVER, British Columbia, Jan. 17, 2019 (GLOBE NEWSWIRE) — Innovative Properties Inc. d/b/a Nabis Holdings (CSE:NAB; OTC: INNPF) (“Nabis” or the “Company”) is pleased to announce that the Company has entered into a binding Letter of Intent (“LOI”) to invest in strategically located properties that have municipal approvals for provisioning centres in Michigan, USA, specifically the City of Detroit, Bangor City, Battle Creek, Constantine and Muskegon (“Properties”). The existing Municipal approvals with respect to the properties will expedite the State licensing process for dispensary locations under the new recreational cannabis regime in Michigan. These provisioning centres are strategically located near dense population centres and the Company believes these provisioning centres have the potential to generate upwards of USD $11 million revenue in 2019 and USD $43 million revenue in 2020 once State approval has been received and presuming steady market prices for cannabis within the State. Nabis is currently evaluating 10 to 15 additional municipally approved locations in Michigan which will substantially increase the Company’s overall presence in the US cannabis space.
According to Arcview Market Research, the US cannabis market is expected to grow exponentially and be at over USD $23 billion by 2022. Michigan is one of the more recent States to have cannabis legalized for recreational purposes, which will come into effect in 2020 representing a significant opportunity for Nabis. The Company believes Michigan has substantial growth ahead and will continue to look for strategic investments in the State in both already established cannabis cultivators and dispensaries, along with properties that would benefit greatly from a State License.
Michigan represents one of the largest medical cannabis markets by registered medical patients in U.S., having originally passed the Michigan Marijuana Act in 2008. With Nabis’ continued commitment to invest in research, innovation and unique products to market, the Company is excited to contribute in one of the biggest medical market in the U.S.. Nabis is also continuing to evaluate investment opportunities across the U.S. in Limited License States across the cannabis ecosystem in high quality cash flowing assets and have a large pipeline of opportunities which it expects to deliver on in 2019.
The LOI is subject to definitive documentation and the transaction expected to close in March 2019.
About Nabis
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 (CSE:MPX), one of the largest takeovers in the U.S. Cannabis space to date, the company has 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.
ON BEHALF OF THE BOARD OF DIRECTORS
“Shay Shnet”
Shay Shnet
CEO and Director
For inquiries, please contact 604-687-7130 or email [email protected].
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All 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.
