![]() Vibe Growth Corporation and its cannabis retail brand, Vibe By California, is a trusted, vertically integrated California cannabis enterprise with retail dispensaries cannabis greenhouse cultivation premium indoor cultivation commercial cannabis distribution brand sales and marketing e-commerce platform home delivery and Hype Cannabis Co. The Company has also granted 100,000 restricted share units (RSUs) to a new employee in accordance with the restricted share unit plan adopted by the shareholders at Vibe’s 2020 annual and special meeting. Each stock option entitles the holder thereof to subscribe for one (1) common share of the Company at an exercise price of CAD $1.07 per common share, as quoted on the Canadian Securities Exchange. On March 25, 2021, the Company granted a total of 555,000 stock options, expiring in three years, to certain new employees. Interstate 10 averages daily traffic (AADT) of approximately 100,000 vehicles per day at Desert Organic’s I-10 exit.Īdditionally, the Company announces that it has granted stock options and restricted share units (RSUs) to certain new employees, pursuant to the Company’s stock option plan, and restricted share unit plan as originally approved by shareholders on June 24, 2020, and subject to the Canadian Securities Exchange policies and approval. Vibe’s newest acquisition is located 10 minutes north of the Palm Springs city center and is both strategically and conveniently located just one block off of Interstate 10, the major national highway connecting Los Angeles to the Coachella Valley and Phoenix, Arizona. While still a major winter destination, the Valley has become known as an arts and culture hub, hosting several annual events including, of course, the Coachella Valley Music and Arts Festival. 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. 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.” Importantly, our Vibe team continues to evidence its ability to not only grow existing location sales, but to turn around assets in a very efficient manner. We continue to execute on our business model of being nimble and opportunistic when acquiring assets that meet management’s specific criteria, taking strategic location, facilities, regional demographics, and transportation factors all into consideration. Vibe’s investment thesis has always been to capitalize on the large but fragmented California retail cannabis market. Mark Waldron, CEO of Vibe, stated, “We are thrilled to add Palm Springs to our portfolio of retail dispensary locations. The Palm Springs location follows the Company’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. The newly acquired location will represent Vibe’s seventh cannabis dispensary as the Company continues to rapidly expand its retail cannabis dispensary footprint across California. The Company intends to rename the location under its iconic Vibe By California TM brand, enhance the product offering and add online ordering with express pickup & delivery. 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. 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. – April 7, 2021) – Vibe Growth Corporation ( CSE: VIBE) ( OTC PINK: VBSCF) ( FSE: A061) (the “ Company” or “ Vibe“), a vertically integrated California cannabis enterprise, is pleased to announce that it has entered into a definitive agreement to purchase Desert Organic Solutions Collective (“ Desert Organics“), located in Palm Springs, California. Vibe keeps rolling with 7th retail dispensary, located in California’s Coachella Valley
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