PAO Group Inc. PAOG, which operates as a physicians practice management company, confirmed its senior management team has obtained majority control of the company.
PAO Chief Executive James DiPrima has bought preferred stock from a third party and intends to continue serving at the helm of the company.
The management team has created a new medical cannabis strategy aimed to revitalize their "original mission to provide patient care alternatives to traditional patient care solutions," DiPrima explained.
The strategy includes the completion of the acquisitions of NCM Biotech from Kali-Extracts Inc. KALY, and a cannabis cultivation operation from Puration Inc. PURA, which are underway for months.
In addition, Puration announced the sale of its cultivation business on Friday.
The Dallas-based company had spun-off its cannabis cultivation operation to Nouveau NOUV earlier, in exchange for common stock.
"Our revitalization plan involves a complete exit of our previous endeavors and the implementation of an all new initiative through the planned acquisition of two currently operating businesses within the medical cannabis sector," DiPrima said.
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