DionyMed Brands Inc. Signs Definitive Agreement with Premium Manufacturer and Indoor Craft Cultivator Waterside Warehousing
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
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