Global Cannabis Company Sells Its European Platform

Cannabis company Digicann Ventures Ltd. DCNN AGFAD signed and closed the sale of the shares of AgraFlora Europe GmbH to an arm’s length third party for gross cash proceeds of €500,000 ($529,675).

AgraFlora Europe was set up to be a commercial platform for the import, storage and wholesale distribution of cannabis products and ancillary products for medicinal purposes.

The German limited liability company held:

• 100% of the shares in Farmako GmbH, a company having its registered office located in Frankfurt, Germany.
• 100% of the shares in Farmako Genetics GmbH, a company with its registered office located in Frankfurt, Germany, and
• 100% of the shares in The Good Company Luxembourg SARL, a company having its registered office located in Luxembourg.

Farmako itself held:

• 100% of the shares in Farmako Limited, a company having its registered office in Croydon UK; and
• 100% of the shares in Farmako ApS, a company having its registered office in Copenhagen, Denmark.

AgraFlora Europe served as a holding company and undertook no operative business activities.

Farmako and Farmako Limited held various permits and licenses and owned intellectual property concerning their business activities.

Earlier this year, the company changed its name from Agra Ventures Ltd. as part of its process of consolidation of its issued and outstanding share capital.
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