C21 Investments Inc. (CSE: CXXI) today announced that it has closed the transaction to acquire 100% of Megawood Enterprises Inc., which is the owner of the Pure Green Dispensary in Portland, Oregon. Pure Green is a 3,000 square foot retail dispensary and has been operating since January 2014 as a local retailer for both medical and recreational products.
“The co-founders of Pure Green, Meghan and Matt Walstatter, will continue to work with the C21 Investments team on the expansion of the company’s retail network throughout Oregon,” said Robert Cheney, President & CEO, C21 Investments. “Pure Green has an enviable reputation and we want to replicate its success throughout our operations.”
“We’ve seen a lot of changes in the cannabis industry and Matt and I believe joining the C21 Investments team will elevate our brand and further our capabilities,” said Meghan Walstatter. “We want to continue to provide Oregon’s medical patients and recreational customers with affordable, quality cannabis. The resources of C21 Investments will allow us to bring our community-oriented approach to customer service and strong emphasis on product knowledge to an ever-expanding audience.”
“Pure Green understands the Oregon canna-businesses, and we knew it was time to become part of something larger and C21 Investments is the perfect fit,” said Matt Walstatter. “We’re impressed by the dynamic combination of brands and personalities that comprise the C21 Investments family.”
Christopher Cherry Retires from the Board of C21 Investments
C21 Investments also announced that Mr. Christopher Cherry has retired from the Company’s board of directors effective immediately.
C21 Investments is in the process of completing previously announced transactions and has transitioned from an inactive company into a vertically integrated cannabis company with operations in two states (Oregon and Nevada). Mr. Cherry served as a director throughout the Company’s restructuring process and assisted management with the successful transition. With the transition being completed, Mr. Cherry has decided to leave the Company’s board of directors to focus on his responsibilities with other companies.
Commenting on Mr. Cherry’s contribution over the past year, C21 Investment’s CEO, Robert Cheney, said that “Chris has played a key role in transitioning C21 from an inactive shell into a dynamic, vertically integrated cannabis company with active operations. His fellow directors and the Company thank him very much for his past contributions of time and counsel and wish him the very best in all his future endeavors”.
ABOUT Pure Green
Pure Green is one of Portland’s original licensed cannabis retailers and was founded by Matt and Meghan Walstatter, who have been public policy advocates for legalized cannabis for the past two decades. The dispensary is located in the Hollywood Neighbourhood, on Portland’s “Green Mile” and in a building that once housed Portland’s first post-prohibition liquor store.
Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (i) the expected use of the net proceeds from the Offering; (ii) the closing of other acquisitions based on definitive agreements; and (iii) the impact of the acquisitions on the Company’s ability to compete and grow revenue and EBITDA.
The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by C21 Investments. Although C21 Investments believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because C21 Investments can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, C21 Investments’ inability to finance and complete previously announced acquisitions or, if completed, to upgrade and expand the acquired business as planned, competitive factors in the industries in which C21 Investments operates, prevailing economic and regulatory conditions, and other factors, many of which are beyond the control of C21 Investments.
The forward-looking statements contained in this news release represent C21 Investments’ expectations as of the date hereof, and are subject to change after such date. C21 Investments disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
The CSE has not accepted responsibility for the adequacy or accuracy of this release.