Cansortium Inc. TIUM CNTMF continued its recent slate of news activity with the finalization of its sale of non-core operations in Puerto Rico to PRICH Biotech Corp.
The deal has already received approval from the needed regulatory authorities.
What Happened
Per the agreement’s terms and conditions, PRICH acquired Cansortium’s Puerto Rico-based operational assets, including licenses and liabilities.
The deal is for a reported $670,000 in cash.
An additional royalty was agreed upon, which sees Cansortium receiving an undisclosed percentage of Fluent-branded products from the date on the sale's completion onwards.
Why It Matters
Cansortium Executive Chairman of the Board, Neal Hochberg, said the sale aligns with company goals to see value generated from non-core assets.
Additionally, Hochberg said the company continues to prioritize allocating funds for growth in the Florida market, where the it operates 20 Fluent-branded dispensaries. On April 22, Cansortium opened its latest Florida dispensary in East Orlando.
The brand maintains a presence in the Michigan, Pennsylvania and Texas markets as well.
In other Cansortium news, the company elected to exercise temporary coronavirus filing exemptions to delay the filing of the company's fourth quarter and calendar year 2019 financial reports.
Related Links:
Cansortium Closes $4.6M Placement, Taps Moxie For Florida Expansion
Cansortium Attributes Lower Q2 Revenue To 'Unexpected Delays,' Halves 2019 Outlook
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.