- AgraFlora (AGRA) has signed an agreement to sell its subsidiary, AAA Heidelberg, for approximately C$1 million in cash
- AAA Heidelberg operates an indoor growing facility in London, Ontario
- The sale of AAA will help streamline AgraFlora’s strategy, allowing the company to focus on their core assets
- AgraFlora Organics International Inc. is a leading cannabis company
- AgraFlora Organics International Inc. (AGRA) is unchanged, trading at C$0.04 at 2:40 pm ET
AgraFlora (AGRA) has signed an agreement to sell its subsidiary, AAA Heidelberg, for approximately C$1 million in cash.
AAA operates an 8,800 square foot indoor growing facility in London, Ontario.
The closing of the transaction is subject to customary approvals and is expected to occur in the second quarter of 2021.
“With the positive developments being experienced in Delta, BC at our Propagation Services Canada facility, the AAA Heidelberg subsidiary was deemed to be non-core to the company. Further, streamlining AgraFlora’s strategy, focusing on our core assets and benefiting from the cash proceeds of this transaction are all high priorities for us at this transformative time,” said Elise Coppens, Chief Executive Officer and Director of AgraFlora.
“On behalf of the Board of Directors, I would like to thank the purchaser for their professionalism and expediency during the course of this Transaction,” added Ms. Coppens.
AgraFlora Organics International Inc. is a leading cannabis company building shareholder value through the development of revenue-generating operating assets in the global cannabis industry.
AgraFlora Organics International Inc. (AGRA) is unchanged, trading at C$0.04 at 2:40 pm ET.