ManifestSeven to sell its California retail dispensary to Eaze
Author : Pankaj Singh | Published Date : 2021-11-10
ManifestSeven Holdings Corporation (M7) has recently revealed that it intends to sell its Santa Ana retail dispensary and delivery hub, to Stachs LLC, a wholly-owned subsidiary of Eaze Technologies Inc., for USD 6,785,000, plus working capital and certain liabilities. The transaction reflects the first phase of M7's strategic transformation to a company primarily focused on commercial cannabis distribution.
The transaction, once completed, will be the first step by M7 to monetize its retail storefront and delivery depot footprint in California, along with other non-core assets and operations. It will deleverage the firm’s balance sheet and refocus on its distribution operations, which it expects to grow in the coming quarters.
M7 revolutionizes the California cannabis industry by seamlessly combining proprietary distribution, retail, and delivery operations into a statewide platform that facilitates compliant and efficient commerce for cannabis businesses and consumers.
Eaze is a vertically integrated business, with 7.6 million successful deliveries and over two million customers. Eaze includes over 100 brands, 600 different products and is a nationally recognized leader in encouraging social equity licensees, with almost USD 7.7 million in products sold through the Eaze platform.
ManifestSeven CEO, Sturges Karban has stated that dedicating the company’s resources to the expansion of their core distribution footprint across California will help them strengthen the balance sheet and position them for sustainable growth over the long term.
M7's direct-to-consumer business, Weden, offers local on-demand delivery and a storefront dispensary.
Eaze CEO Rogelio Choy mentioned that their two-million-strong client base, the best selection of products and deals, and growing vertical operations in Colorado, Michigan, California, and Florida have significantly contributed to Eaze's exponential growth. Following the acquisition and rebranding of Apothekare in San Diego, Weden will be Eaze's second retail location in California, added Choy.
The anticipated transaction is subject to regulatory approvals and is projected to close later this year.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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