SOL Global Investments, the owner of 3 Boys Farms, which holds one of Florida's original 14 operating and vertically integrated medical marijuana treatment center licenses, announced that is has entered into a binding letter of intent with Merida Capital Partners to acquire Merida's Michigan subsidiary, MCP Wellness, Inc.
MCP Wellness is a special-purpose vehicle created to invest in Michigan cannabis operations, currently holding the rights to acquire two Michigan cultivation licenses, a processing license, and three fully licensed cannabis provisioning centers in Michigan with a fourth provisioning center scheduled to open in Ann Arbor in May.
MCP Wellness also has plans to open an additional nine municipally-approved provisioning centers by August 2019. Assuming MCP Wellness' expansion plans are completed as scheduled, SOL Global and Merida expect Michigan gross revenue from the acquired business to generate in excess of US$61 million in calendar year 2019 and more than US$121 million in 2020.
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