Mr. Erik Anderson reports
CITATION GROWTH ANNOUNCES SALE OF WASHINGTON ASSET, LOI EXTENSION WITH INDIGENOMIX
Citation Growth Corp. has closed on the sale of its 13 acres of land and buildings in Lynden, Wash., to a confidential buyer for a total price of $2.5-million (U.S.).
"Our new management team's strategic review identified the Lynden property as a non-core asset," chief executive officer Erik Anderson commented. "As communicated previously, we intended to sell it as part of our refocusing efforts on the Nevada and California markets. We are very pleased to have found a buyer so soon, especially in light of all the many business restrictions due to COVID-19. I'd like to thank our team for their tireless efforts towards this initiative and many others that we identified at our AGM in April."
Citation also holds a cannabis cultivation licence for the state of Washington and is considering options to best optimize the licence or sell it entirely.
In other news, Citation also announces that it has extended the LOI signed with Indigenomix on April 15, 2020 (amended June 15, 2020), for the sale of its 40 acres of land and buildings in Celista, B.C. COVID-19 has caused delays for the transaction, which is now estimated to close on or before July 31, 2020.
About Citation Growth Corp.
Citation Growth is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014. Citation has expanded its operating portfolio to include cultivation, production and retail offerings in its key North American legal jurisdictions: Nevada, California and British Columbia.
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