Aleafia Repays $25M Debt, Calls Adult-Use Cannabis A 'Pillar' Of 2021 Strategy

Aleafia Health Inc. AH ALEAF has repaid a $25 million debt to Emblem Corp. in cash.

Emblem Corp. issued an 8% unsecured convertible debt on Feb. 2, 2018. The Toronto-based company acquired it on March 14, 2019.

“Our team is excited to see continued cannabis sales growth in 2021, driven by new products launched late last year,” said Aleafia Health CEO Geoffrey Benic.

“The adult-use, medical and international cannabis markets are the pillars of our 2021 growth strategy, and we look forward to capitalizing on this global opportunity through the continued expansion of our cannabis product portfolio,” Benic added.

The fourth quarter was Aleafia's best quarter to date for cannabis sales. Over the last month, the vertically integrated cannabis company boosted its global distribution network by agreeing to supply Europe-based pharmaceutical producer and distributor Apipharm Veletrgovina d.o.o. with cannabis flower under the three-year agreement.

The company also teamed up with Canada’s largest private trade union, Unifor, to “support union members, retirees and their eligible dependents who receive medical cannabis insurance coverage through Unifor’s collective bargaining agreements.”

Aleafia intends to support members of the union as well as their families by utilizing its network of medical cannabis clinics and products.