- Vibe Growth (VIBE) furthers expansion with the acquisition of Palm Springs dispensary
- Vibe keeps growing with the seventh retail dispensary, located in California's Coachella Valley
- Vibe will purchase the assets, inventory, and lease for the 2,838 square foot licensed, adult-use dispensary
- Interstate 10 averages daily traffic (AADT) of approximately 100,000 vehicles per day at Desert Organic's I-10 exit
- Vibe Growth Corporation (VIBE) is down 9.42 per cent and is trading at C$1.25 at 12:38 pm ET
Vibe Growth Corporation (VIBE) has entered into a definitive agreement to purchase Desert Organic Solutions Collective, located in Palm Springs, California.
Under the terms of the acquisition, Vibe will purchase the assets, inventory, and lease for the 2,838 square foot licensed, adult-use dispensary located in Palm Springs, California, for a cash consideration of $380,000 and assumption of existing and estimated liabilities of USD $1.8 million.
The closing of the transaction is subject to the satisfaction of certain conditions of the license ownership transfer; Vibe and its management team intend to work with the City of Palm Springs concerning local and state regulations.
Vibe intends to rename the location under its iconic Vibe By California™ brand, enhance the product offering and add online ordering with express pickup & delivery.
The newly acquired location will represent Vibe's seventh cannabis dispensary as Vibe continues to expand its retail cannabis dispensary footprint across California rapidly.
The Palm Springs location follows Vibe's recent addition of its Salinas location to a dispensary portfolio that includes California locations in Sacramento, Stockton, Redding, and Ukiah in addition to its Portland, Oregon dispensary.
Mark Waldron, CEO of Vibe, stated,
"We are thrilled to add Palm Springs to our portfolio of retail dispensary locations. Vibe's investment thesis has always been to capitalize on the large but fragmented California retail cannabis market."
"We intend to quickly focus and engage our team's efforts on our newest location in Palm Springs and remain steadfast on providing a quality cannabis experience to our customers and adding value for our shareholders," added Waldron.
Palm Springs is one of the most recognized cities in the Coachella Valley, which encompasses nine unique cities traditionally known as winter resort locales for snowbirds and retirees looking for sunshine.
Vibe's newest acquisition is located 10 minutes north of the Palm Springs city center.
It is strategically and conveniently located just one block off Interstate 10, the major national highway connecting Los Angeles to the Coachella Valley and Phoenix, Arizona.
Interstate 10 averages daily traffic (AADT) of approximately 100,000 vehicles per day at Desert Organic's I-10 exit.
Vibe Growth Corporation and its cannabis retail brand, Vibe By California, is a vertically integrated California cannabis enterprise with retail dispensaries, cannabis greenhouse cultivation, premium indoor cultivation and commercial cannabis distribution.
Vibe Growth Corporation (VIBE) is down 9.42 per cent and is trading at C$1.25 at 12:38 pm ET.