Shiny Health & Wellness Closes Previously Announced Acquisition of its First Pharmacy
(All amounts are in Canadian dollars unless otherwise stated)
TORONTO, Oct. 4, 2022 /CNW/ - Shiny Health & Wellness Corp. ("Shiny Health" or the "Company") (TSXV: SNYB) is pleased to announce that, through its subsidiary mihi Health & Wellness, it has successfully closed the previously announced acquisition of Cotton Mill Pharmacy ("Cotton Mill") located in Cornwall, Ontario. The closing of the Cotton Mill transaction was completed on October 3rd, 2022 and marks the first pharmacy acquisition in furtherance of the Company's retail expansion strategy into health and wellness.
To finance the acquisition, the Company obtained a $600,000 secured acquisition 10-year term loan from Care Lending Group, which bears interest at 7.75% per annum and is repayable in monthly instalments of principal and interest. In addition, $100,000 of the purchase price was paid through a one-year vendor take-back loan bearing 4% interest, with the balance of the purchase price (approximately $80,000 in respect of inventory) paid from cash on hand.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Shiny Health & Wellness Corp. is on a mission to help people never settle, live fully by being a trusted source for health and wellness solutions and services. The Company recently broadened its retail growth strategy beyond adult-use cannabis by establishing mihi Health & Wellness, a new line of business focused on building a network of community pharmacies across Ontario. Striving to provide a more diverse and accessible cannabis experience for adult consumers, the Company also operates ShinyBud Cannabis Co., a well-established brand in Ontario strategically located in markets less saturated with cannabis retailers. The Company's board and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. Shiny Health trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit www.shinyhealthandwellness.com.
SOURCE Shiny Health & Wellness Corp.