TORONTO, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Captor Capital Corp. (“Captor” or the “Company”) (CSE:CPTR; FRANKFURT:NMV; USOTC:NWURF) is pleased to announce that it has signed a Letter Of Intent to acquire an entity that has submitted an application pending approval for a cannabis dispensary in Santa Barbara County, California (“the Seller”). The transaction is subject to regulatory approval under the terms of the transaction. Captor shall acquire 99 per cent of the equity interests in the Seller. The license is being sold by Three Habitat Consulting president Adam Wilks, who shall receive an aggregate of US $1,300,000 (the “Purchase Price”).
“As we continue to establish ourselves as one of the leading providers of recreational cannabis in California, we will continue to explore opportunities to benefit our shareholders by expanding our growing network of dispensaries in the State,” said Captor Capital CEO, John Zorbas. “The Hollister Avenue location is well positioned to be a high volume dispensary and we are confident that all required licenses will be obtained in due course.”
Goleta, which would potentially become home to the fifth Captor Capital dispensary, is a medium sized city in southern Santa Barbara County known for its proximity to the University of California Santa Barbara Campus. Captor Capital currently has two MedMen dispensaries located in the Los Angeles area, the CHAI dispensary in Santa Cruz, and the High Level dispensary in Castroville, which is awaiting final regulatory approval. Captor’s network of dispensaries serve a combined total population of more than 11,000,000 Californians.
The Purchase Price for the entity that has applied for a cannabis dispensary license in Goleta, California is payable according to the following schedule: US$250,000 shall be paid in cash on the date hereof, which shall be non-refundable to Captor (the “Deposit”); provided, however, in the event that the Company does not own, possess or is otherwise approved for the License on or before May 1, 2019, then the Deposit shall be refundable to Captor; US $500,000 of the Purchase Price shall be paid in cash at the closing of the sale, which will occur upon regulatory approval; and US $550,000 of the Purchase Price shall be payable in shares of the common stock of Captor, to be delivered after the 90th day following the closing of the transactions.
For further information on Captor’s network of dispensaries and other cannabis-related properties, please visit captorcapital.com.
About Captor Capital
Captor Capital Corp. is a Canadian firm focused on the cannabis sector listed on the Canadian Securities Exchange, the OTC, and the Frankfurt Stock Exchange. A vertically integrated cannabis company, Captor provides recreational and medical marijuana based products to consumers via its leading brands and dispensary locations. Captor owns and operates advanced growing facilities which produce consistent high quality contaminant free marijuana for its customers, as well as other high demand cannabis based goods for consumption. The company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis investments including two wholly owned branded MedMen dispensaries – the world famous West Hollywood location and the showpiece Orange County dispensary in Santa Ana, CHAI dispensary in Santa Cruz and Higher Ground in Castroville, CA. The Company also owns Mellow Extracts, a highly regarded producer of cannabis extracts based in Costa Mesa, CA. Captor Capital is currently looking at additional revenue generating investments in the cannabis space and will be updating the market in due course.
Contact
Gavin Davidson, Communications
Captor Capital Corp.
705.446.6630
gavin@captorcapital.com
Forward-Looking Statements
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.