Cathedral City dispensary sold for well over $1 million

(Google Maps)

Remedy Inc., a cannabis dispensary in Cathedral City has been purchased by Ventura Cannabis and Wellness Corp., a Los Angeles-based company, in a deal which will likely involve millions of dollars

Ventura Cannabis, which is traded on the Canadian Stock Exchange, will put down $1 million up front, then $225,000 per per quarter for a year (for a total of $1.9 million) and future payments based on performance, according to Redlands Daily Facts.

“I am pleased we were able to secure this strategic acquisition,” Jacob Gamble, CEO of Ventura Cannabis, said in a statement. “This asset comes with two very exciting attributes. First, its location near the music festivals has great potential and has not been fully explored. Secondly, its delivery endorsement, which also has yet to be leveraged, fits very well with our plans for revenue generation in California.”

Ventura Cannabis said it expects the dispensary to generate positive cash flow and annual revenues of $1.6 million.

Closing of the deal is still subject to a number of conditions, including receipt of all required regulatory approvals.

Remedy is located on Vista Chino and Date Palm in Cathedral City.