Shiny Health & Wellness has signed a letter of intent to purchase 10 adult-use Stash & Co. cannabis stores in Ontario.
Shiny, a public Toronto-based cannabis retailer and pharmacy operator, announced Friday that it intends to pay an aggregate price of $1 million, including $800,000 in cash and $200,000 in common stock.
Shiny will also acquire the Stash & Co. brand and trademark. The stores will continue to operate under the Stash banner.
Shiny and Stash have agreed to a 30-day due diligence period and a 90-day exclusivity window until such time as they sign the deal.
If all goes according to plan, Shiny will assume $300,000 in inventory based on wholesale prices paid by Stash to the Ontario Cannabis Store. Stash founder and CEO Karan Someshwar Holla will also have an option, exercisable for up to 90 days after the transaction’s closing date, to become a Shiny board director.
Shiny said it will “welcome” all of Stash’s current customer-facing retail employees.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.