A Catchup On The Cannabist And Wana Brands
Top 3 Takeaways for The Cannabist and Wana Brands Update
- The Cannabist to exit Florida market entirely with strategic deal.
- Total value of the deal for Lakeland cultivation and Florida dispensaries: $16.4 million dollars.
- Wana Brands introduces new ecommerce platform Wanderous for hemp-derived products.
CEO David Hart and President Jessie Channon of The Cannabist Co Holdings, and President Joe Hodas of Wana Brands, join our Wednesday Trade To Black podcast for August 28, 2024. TDR hosts Shadd Dales and Anthony Varrell interview David and Jessie about the details of their latest announcement from last week, in which The Cannabist Co decided to divest their Florida assets for $16.4 million, and also entered an agreement for the Lakeland cultivation facility. Joe Hodas also describes their new ecommerce platform Wanderous.
Last week, The Cannabist Co. Holdings (Cboe CA: CBST, OTCQX: CBSTF) entered into an agreement to transition Florida operations to a joint venture partner consisting of MINT Cannabis and Shango (MINT Shango JV). MINT Shango JV will be acquiring all 14 Cannabist dispensaries in Florida and the company’s cultivation and manufacturing facilities in Alachua and Arcadia. The Cannabist also announced that it has entered into a definitive agreement with a leading marijuana multistate operator to acquire their Lakeland cultivation facility. Total value of the deal is $16.4 million dollars.
When the deal was announced, CEO David Hart said, “This strategic move aligns with our ongoing efforts to build a better business—rationalizing our footprint and focusing on our growth markets to enhance profitability.” David Hart and Jessie Channon break down the details for the podcast and explain why it makes sense for the company and their shareholders.
When they were looking at the portfolio and where things were balanced, and where they weren’t, Florida was right at the top of the imbalanced list. David Hart and Jessie Channon say that when these transactions are done, they will not have anything left in the state. They discuss, however, where The Cannabist is focused on next.
After The Cannabist in the podcast, marijuana gummies company Wana Brands and their President Joe Hodas discusses their recent launch of the e-commerce platform called Wanderous. The online platform plans to offer a selection of hemp-derived products for delivery.
