- Avicanna (AVCN) has sold its stake in Sativa Nativa, a majority-owned Colombian subsidiary, for C$675,000
- The sale will allow Avicanna to focus on its more operationally advanced subsidiary Santa Marta Golden Hemp (SMGH)
- SMGH have been the source of the company’s Aureus-branded commercial exports to 16 countries
- Avicanna is a commercial-stage biopharmaceutical company focused on cannabinoid-based products
- Avicanna Inc. (AVCN) opened trading at C$0.21 per share
Avicanna (AVCN) has sold its stake in Sativa Nativa, the company’s second majority-owned Colombian subsidiary.
The purchaser paid approximately C$675,000 for Avicanna’s shares in Sativa Nativa, in addition to a potential premium of C$130,000 subject to the accomplishment of specific short-term milestones.
The transaction allows Avicanna to eliminate redundancies, reduce its operational costs and generate efficiencies across its South American operations by focusing on its more operationally advanced majority-owned subsidiary Santa Marta Golden Hemp (SMGH).
The operations at SMGH have been the source of the company’s Aureus-branded commercial exports to 16 countries. They include the cultivation, extraction and production of cannabinoid raw materials, including active pharmaceutical ingredients and seeds. SMGH is also the source of Avicanna’s cannabinoids for most of its cosmetic and pharmaceutical preparations.
Lucas Nosiglia, President of Avicanna LATAM, commented on the sale.
“We are happy to announce this strategic transaction which allows us to increase efficiencies throughout our supply chain infrastructure and refocus resources on our core business units, including our pharmaceutical preparations. In parallel, we continue to make progress in our supply chain business at SMGH through which we can continue to supply Avicanna and its global partners with high-quality inputs”.
Avicanna is a commercial-stage international biopharmaceutical company focused on advancing and commercializing evidence-based cannabinoid-based products for the global medical and pharmaceutical markets.
Avicanna Inc. (AVCN) opened trading at C$0.21 per share.
