Pyxus International, Inc. PYYX announced that it has completed the sale of assets of FIGR Norfolk, Inc., the final key step in the company's strategic decision to exit its cash-flow-negative cannabinoid operations.
With the completion of this sale, which occurred on January 28, 2022, no subsidiaries of the company produce or sell Canadian cannabis in any capacity. In addition, the company is no longer involved in activities related to industrial hemp or CBD.
"Since announcing our intention to focus on tobacco and e-liquids last year, we have made tremendous strides in streamlining our operations and reducing our SG&A costs," Pieter Sikkel, president and CEO of Pyxus International, said. "Moving forward, we will continue to focus on our tobacco-related businesses while leveraging the Company's strengths in agronomy, traceability and sustainability in order to deliver value to our stakeholders."
Photo: Courtesy of Esteban Lopez on Unsplash
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