Eden Empire Inc. has entered into a share purchase agreement with a private arm’s length third party (the “Buyer”) to sell a 50% interest in its proposed Davie Street location for proceeds of $1,050,000CAD in cash. Following the closing date of the transaction, EDENTM will continue to operate the Davie Street location through a joint venture vehicle with the Buyer and it is expected that associated costs will be shared.
Key Location Takeaways:
- Sits on the 1600 Block of Davie Street of Vancouver’s West End which is well-anchored with a new supermarket, drugstore, liquor store and soon-to-be cannabis store; establishing its role as a neighbourhood convenience shopping precinct.
- Sits just steps from English Bay Beach, Vancouver Seawall and hosts the annual Celebration of Lights.
- Approximately 7,000 vehicles and 4,000 pedestrians pass by daily.
- The Company is joint venturing its Davie Street location to the Buyer for aggregate cash consideration of $1,050,000CAD (the “Transaction”).
- The closing of the Transaction will be subject to customary closing conditions for a transaction of this nature.
Gerry Trapasso, Director & CEO, commented, “EDEN is excited to link into a JV for another store in Canada. The partnership will be one of growth, and both parties are excited about this location in the heart of the West End. This location is a two-floor giant that will allow for massive branding exposure and become a destination for locals, cannabis cannoisseurs and tourists looking to experience the best that Vancouver has to offer in the cannabis market. This partnership will allow the Company to project powerfully in Vancouver and prepare for the imminent expansion in the State of Michigan.”
For further information or should you have any questions, please feel free to email us at investors@edenempire.com.
About Eden Empire
Eden is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. Eden intends to expand its retail operations in Canada and to expand its business to cannabis cultivation, extraction and processing and become a fully integrated cannabis product company in the United States.
