By James Cutchin
January 17. 2020
This article was originally published in the Los Angeles Business Journal. Click here to view the original article.
Cannabis company adds to string of acquisitions
Cannabis logistics company ManifestSeven has acquired San Francisco-based cannabis delivery service Lady Chatterley Health.
Terms of the transaction were not disclosed.
Commerce-based Manifest Seven, formerly known as MJIC Inc., provides cannabis logistics services, including business-to-business distribution and home delivery, in markets across California. It also has a retail division, Weden, with a dispensary location in Santa Ana. It disclosed the purchase Jan. 13.
The acquisition will give ManifestSeven access to the lucrative San Francisco market, where only companies based in the city are allowed to make deliveries.
ManifestSeven Chief Operating Officer Pierre Rouleau said the purchase was prompted in part by what he sees as a natural fit between Lady Chatterley’s delivery service, which targets women, and ManifestSeven subsidiary MyJane, acquired last year, which gears curated boxes of cannabis towards female consumers. “Their vision fits together beautifully,” said Rouleau.
ManifestSeven said it plans to integrate Lady Chatterly into its Weden retail operation while retaining the Lady Chatterly name. Rouleau said ManifestSeven is in negotiations for additional acquisitions to expand its retail network across California.
The company has been on a buying spree for about a year. Previous acquisitions have included San Diego-based cannabis delivery service M Delivers and the rights to the telephone number 1-800-Cannabis, which it bought from an undisclosed private investor.
ManifestSeven said it plans to go public on the Canadian Securities Exchange in the first quarter under the ticker MSVN. Regulatory approval for a reverse merger with a subsidiary of Vancouver-based P&P Ventures Inc. is pending.
The agreement was reached in April, ManifestSeven said, but it chose to delay its listing due to unfavorable market conditions.