TORONTO--(BUSINESS WIRE)--DionyMed Brands Inc. (“DionyMed” or “Company”) (CSE:DYME; OTCQB:HMDEF), a multi-state cannabis brands platform, announced in an arms-length transaction today it has signed a definitive agreement with an irrevocable option to acquire Waterside Warehousing (“Waterside”), a premium manufacturer and indoor craft cultivator located in Oakland, California. DYME has agreed to provide US $1 million up front, which DionyMed can finance using its credit facility, with the option to acquire Waterside for an additional US $5 million. Waterside’s facility build-out will continue with this financing. If DionyMed exercises its option to acquire Waterside, DionyMed may draw upon its credit facility, issue stock or raise new equity to complete the acquisition (this will be determined at the time of the exercise).
DionyMed currently owns and operates DYME Distribution (through the former Rise Logistics) and manages Hometown Heart. Waterside’s premier cultivation and manufacturing facilities, which are located next to DionyMed’s Oakland campus, will offer the Company an opportunity to expand its extract and distillate manufacturing operations. Continuing to support DionyMed’s strategy to vertically integrate its wholly-owned brands, the Waterside investment will bring supply chain scale and manufacturing excellence to its growing portfolio of brands.
Edward Fields, CEO of DionyMed, commented, “Waterside Warehousing brings critical manufacturing, R&D capacity and indoor cultivation to our existing operational infrastructure. As we continue to build our market position in California by delivering today’s most in-demand cannabis brands, the team at Waterside accelerates our production capacity, margins and product portfolio.”
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Founded in 2017, DionyMed is a multi-state cannabis brands platform, supporting cultivators, manufacturers and award-winning brands in the medical and adult-use cannabis markets. DionyMed sells branded products in every category from flower to vape cartridges, concentrates and edibles. DionyMed serves cannabis consumers through retail dispensary distribution and direct-to-consumer fulfillment with its growing portfolio of award-winning brands. Learn more at dionymed.com and follow @DYME_Inc on Twitter and LinkedIn.
Forward-Looking Information and Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
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