The proposed sale is the first step of its strategic pivot toward distribution-focused operations
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) (“M7” or the “Company“) today announced that it has signed definitive agreements with Stachs LLC, a wholly-owned subsidiary of Eaze Technologies, Inc. (“Eaze“), to sell its retail dispensary and delivery hub located in Santa Ana, California, for US$6,785,000, plus working capital and the assumption of certain liabilities (the “Transaction“).
The Transaction marks commencement of the initial phase of M7’s strategic pivot towards an enterprise focused primarily on commercial cannabis distribution operations. Upon completion, the Transaction will be the first step in the Company’s efforts to monetize its current California retail storefront and delivery depot footprint, as well as any non-core assets and operations, to de-lever the Company’s balance sheet and refocus the enterprise on its distribution operations, where it expects to see the most significant growth in the coming quarters.
“In a market that evolves as rapidly as the regulated cannabis industry, strategic focus and domain expertise has become more important than ever,” said Sturges Karban, the Company’s Chief Executive Officer. “We have learned a great deal from operating our retail businesses over the years, but we believe that dedicating the Company’s resources to the singular mission of expanding our core distribution footprint across California and beyond—beginning with this important transaction—will help M7 to strengthen its balance sheet in the near-term while positioning for sustainable growth over the long-term.”
“Eaze’s exponential growth is the result of our unwavering focus on our two-million strong customer base, curating the best selection of products and deals, and aggressively expanding vertical operations in California, Michigan, Colorado, and Florida,” said Rogelio choy, Eaze’s Chief Executive Officer, “Weden will become Eaze’s second retail storefront in California after the recent acquisition and rebranding of Apothekare in San Diego. Eaze continues to build out our omni-channel experience as we seek to meet customers where they choose to purchase cannabis, whether it be via delivery or in-store.”
As the nation’s largest cannabis MSO delivery operation and biggest California-headquartered MSO, Eaze is a vertically-integrated company with over 7.6 million deliveries completed to-date and over two million registered customers. Eaze carries over 100 brands and 600 individual products on its menu, and is a nationally-recognized leader in promoting social equity licensees, who have sold nearly $7.7 million in products via the Eaze platform. In July, Eaze launched the first-of-its-kind shoppable cannabis app for Apple.
Completion of the Transaction remains subject to regulatory approvals and is expected to close later this year.
Eaze delivers good with the goods. As the nation’s largest cannabis delivery marketplace, we bring enjoyment and convenience to our customers, break down barriers to access, and cultivate community in everything we do. With nearly eight million cannabis deliveries to date, we are committed to creating a more diverse and sustainable industry through our Momentum business accelerator and Social Equity Partners Program. www.eaze.com.
About ManifestSeven Holdings Corporation
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) (“M7” or the “Company“) disrupts the California cannabis landscape by seamlessly integrating proprietary distribution, retail, and delivery operations into a unified statewide platform that supports compliant and efficient commerce, both for cannabis enterprises and consumers. M7 offers local on-demand delivery and a storefront dispensary through its direct-to-consumer division, Weden. Through its business-to-business division, Highlanders Distribution, the Company provides a comprehensive suite of commercial and compliant services to licensed cannabis cultivators, manufacturers, distributors, and retailers operating throughout California. M7’s 1-800-CANNABIS portal ties the Company’s integrated operations together with a centralized gateway through which businesses and consumers can access M7’s comprehensive suite of products and solutions. M7 is a publicly listed company on the Canadian Securities Exchange (“CSE“) trading under the ticker symbol “MSVN”. Additional information is available under the Company’s SEDAR profile at www.sedar.com.
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Founder & Interim Editor of L.A. Cannabis News