West Hollywood, CA-based Mamoun’s Daughter has agreed to purchase Euflora, a boutique marijuana dispensary in West Hollywood, for a cool $11.5 million. Mamoun’s Daughter has entered into an agreement to purchase Euflora for $11,500,000, or $12.00 per s/f. Mamoun’s Daughter is a holding company that is a direct parent company to Mamoun’s Daughter Corp, a West Hollywood, CA based marijuana dispensary located at 7171 Santa Monica Blvd.
One of the country’s largest cannabis companies, called West Hollywood, just became a subsidiary of a larger company, called West Hollywood. The company, which is based in California, owns and operates a chain of dispensaries throughout the state. The deal is valued at $11.5 million, and the new subsidiary will be known as West Hollywood Holdings.
The highyields, a cannabis and marijuana news and medical information blog, reports that the parent company of the West Hollywood dispensary, is planning to buy out a competing company for $11.5 million. The company’s CEO, Mike Krasner, is a former Safe Streets LA Councilmember that represents the Los Angeles area, and one of the largest holders of dispensary properties in California. The acquisition will allow Safe Streets LA to increase their number of dispensaries from eight to over 20, according to a press release from the company.. Read more about the parent company stock and let us know what you think.
Parent company expands retail presence in California
Purchase from Calma, one of ten pharmacy chains licensed for delivery in West Hollywood.
SAN JOSE, CA, June 28. 20, 2021 /PRNewswire/ – TPCO Holding Corp. (parent company or the Company) (NEO: GRAM.U) (OTCQX: GRAMF), announced today that it has entered into a definitive agreement to acquire 100% of Calma West Hollywood (Calma), a pharmacy located in West Hollywood, California, for total consideration of $11.5 million (the Agreement). The agreement must be approved by authorities, including the city of West Hollywood.
Calma is located in the Los Angeles metropolitan area, which has a population of approximately 18.7 million and a cannabis retail density of approximately one store per 194,000 people in the area. The 3,250-square-foot pharmacy is one of 10 stores in West Hollywood licensed for both delivery and retail. With more than 3.6 million visitors each year, West Hollywood is located in the heart of the Los Angeles region, surrounded by cultural sites and tourist attractions in every direction. The Calma acquisition brings the parent company’s number of stores to four in California, including two in San Jose and one in Bellflower. To ensure that Calma remains a fixture in West Hollywood, Calma’s founders will continue to be involved in the operation of the company.
We are excited to expand our presence in iconic West Hollywood and look forward to continuing to provide our clients with the exceptional selection and service they have come to expect from us.
Steve Allan, CEO of the parent company
Strategically located in a highly populated area of Los Angeles, this acquisition allows us to expand our reach to consumers and potential patients by offering both retail and pickup delivery services.
Mr Allan added: As we continue to implement our omnichannel expansion strategy, we will evaluate and find other strong retail and delivery businesses in strategic locations to expand our reach throughout the state.
The Calma team is looking forward to the next phase of growth within the parent company. The parent company shares our unwavering belief in the customer experience and will contribute to the West Hollywood community for years to come.
Cobby Purtavosi, founder of Calma
Under the terms of the agreement, Parent agreed to acquire 100% of Calma for total consideration of $11.5 million, consisting of $8.5 million in cash and $3.0 million in Parent shares. After the first closing, which is expected to take place in the third quarter of 2010, the company will be able to offer its services. If the sale occurs in the second quarter of 2021, Calma will receive 85% of the equity upon approval of the City of West Hollywood. The transfer of the remaining 15% interest in Calma is expected to occur in 2022. Completion of the Calma transaction is subject to customary closing conditions and regulatory review and approval.
About the parent company :
The parent company (TPCO Holding Corp.) (NEO: GRAM.U) (OTCQX: GRAMF) is California’s first vertically integrated cannabis company, combining world-class business with leading voices in popular culture and social impact. The parent company brings together global icon and entrepreneur Sean JAY-Z Carter, entertainment company ROC NATION, California’s first direct-to-consumer platform CALIVA and leading cannabis producer LEFT COAST VENTURES to lead the cannabis industry into the post-prohibition era. CEO Sean JAY-Z Carter, one of the most recognized and celebrated entrepreneurs of our time, leads the branding of Mother Company in partnership with ROC NATION, the world’s largest entertainment company, which includes an array of artists, athletes and cultural figures. The brands we build together will set a new course for a legacy of equality, access and justice.
For the latest news, events and media coverage, visit www.theparent.co or connect with us on LinkedIn and Twitter.
Original press release
For factual information about The Parent Company, see the company’s sponsored investor dashboard.
Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013.
New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
A former bookstore and coffee shop, the Glass House Collective is a new cannabis dispensary on West Hollywood’s famous Sunset Boulevard. The dispensary, which is owned by Altitude, Inc., will open this summer, and will sell a wide variety of cannabis products. The 15,000 square-foot building, which is located next door to the famous Sunset Strip, is already reportedly fully leased for this reason.. Read more about the parent company stock price and let us know what you think.
the parent company stockthe parent company californiathe parent company stock robinhoodthe parent company stock pricethe parent co stockthe parent company caliva,People also search for,Privacy settings,How Search works,the parent company stock,the parent company california,the parent company stock robinhood,the parent company social equity ventures,the parent company stock price,the parent co stock,the parent company caliva,the parent company investor relations