ManifestSeven Enters into Agreement to Sell its Santa Ana Dispensary to Eaze – PRNewswire
The proposed sale is the first step of its strategic pivot toward distribution-focused operations
IRVINE, Calif., Nov. 9, 2021 /PRNewswire/ — ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) (“M7” or the “Company”) today announced that it has signed definitive agreements with Stachs LLC, a wholly-owned subsidiary of Eaze Technologies, Inc. (“Eaze”), to sell its retail dispensary and delivery hub located in Santa Ana, California, for US$6,785,000, plus working capital and the assumption of certain liabilities (the “Transaction”).
The Transaction marks commencement of the initial phase of M7’s strategic pivot towards an enterprise focused primarily on commercial cannabis distribution operations. Upon completion, the Transaction will be the first step in the Company’s efforts to monetize its current California retail storefront and delivery depot footprint, as well as any non-core assets and operations, to de-lever the Company’s balance sheet and refocus the enterprise on its distribution operations, where it expects to see the most significant growth in the coming quarters.
“In a market that evolves as rapidly as the regulated cannabis industry, strategic focus and domain expertise has become more important than ever,” said Sturges Karban, the Company’s Chief Executive Officer. “We have learned a great deal from operating our retail businesses