Ms. Elise Coppens reports
AGRAFLORA ANNOUNCES DEFINITIVE AGREEMENT TO SELL ITS AAA HEIDELBERG SUBSIDIARY
Agraflora Organics International Inc. has signed a definitive agreement to sell its wholly owned subsidiary, AAA Heidelberg Inc., for cash consideration of approximately $1-million. AAA operates an 8,800-square-foot indoor growing facility in London, Ont. The closing of the transaction is subject to customary approvals and is expected to occur in the second quarter of 2021.
"With the positive developments being experienced in Delta, B.C., at our Propagation Services Canada facility, the AAA Heidelberg subsidiary was deemed to be non-core to the company. Further, streamlining Agraflora's strategy, focusing on our core assets and benefiting from the cash proceeds of this transaction are all high priorities for us at this transformative time," said Elise Coppens, chief executive officer and director of Agraflora. "On behalf of the board of directors, I would like to thank the purchaser for their professionalism and expediency during the course of this transaction," added Ms. Coppens.
About Agraflora Organics International Inc.
Agraflora Organics International is a leading cannabis company building shareholder value through the development of revenue-generating operating assets in the global cannabis industry. Agraflora is focused primarily on the Canadian cannabis industry -- the world's most advanced and regulated legal cannabis market. Its flagship Canadian asset is Propagation Services Canada, a large-scale commercial greenhouse in Delta, B.C., focused on reshaping the Canadian flower market with high-potency, low-cost cannabis. In addition, Agraflora's wholly owned subsidiary, Farmako GmbH, is focused on becoming Europe's leading distributor of medical cannabis. Farmako currently has active distribution operations in Germany and expects to commence active operations in the United Kingdom in 2021.
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