- Craftport Cannabis (CFT) is going to sell the Pitt Meadows facility
- The facility had entered two separate cultivation agreements in 2020
- Both agreements have been terminated in accordance to the contract
- Craftport Cannabis is BC based licensed cannabis producer
- Craftport Cannabis (CFT) is up 80 per cent on the day, trading at C$0.45 per share at 12:12 PM EST
The Pitt Meadows facility is 51 per cent owned by Craftport Cannabis.
The Pitt Meadows facility had entered two separate cultivation agreements.
On August 17, 2020, the facility had entered into an agreement with a third party to assist with the cultivation activities. The agreement had a 4-year term and could be terminated at any time.
On November 23, 2020, it had entered another agreement with a different third party to also assist with the cultivation activities. The agreement had a 4-year term and could be terminated at any time.
As of December 12, 2021, written notice was provided to both third parties. The agreements would be terminated in 180 days as stated in the contract.
Craftport Cannabis has made the decision to sell the Pitt Meadows facility as it no longer suits the corporation’s business plan. Proceeds will go towards debt and outstanding account payables.
Craftport Cannabis is a licensed cannabis producer based in BC.
Craftport Cannabis (CFT) is up 80 per cent on the day, trading at C$0.45 per share at 12:12 PM EST.
