- Fiore Cannabis (FIOR) has finalized the sale of its final Canadian asset
- The sale eliminates approximately $3.9 million of total liabilities, allowing Fiore to allocate funding to key markets in Nevada and California
- Fiore Cannabis has been investing in the development of recreational and medical cannabis products since 2014
- Operations include cultivation, production and retail sales
- Fiore Cannabis Ltd. (FIOR) opened trading at C$0.105 per share
Fiore Cannabis (FIOR) has finalized the sale of its Celista, BC asset along with subsidiaries Marapharm and Full Spectrum Medical Inc.
The sale to 1313721 B.C. Ltd enables Fiore to clean up its balance sheet by eliminating approximately $3.9 million of total liabilities, including a mortgage and other obligations.
Erik Anderson, President and CEO of Fiore Cannabis, commented on the sale.
“Completing the sale of the Celista asset is a welcomed win for our organization. In doing so we clean up our balance sheet and can further allocate funding to our key markets in Nevada and California. We continue to build out our operations in Las Vegas and in Desert Hot Springs in California’s Coachella Valley so that we focus our energies on where we are producing top-quality premium organic cannabis and generating returns to our investors.”
Anderson continued,
“We have been using these summer months to plan out and organize the company’s direction for the latter half of the year. We have such significant opportunities awaiting us in Nevada and California to expand our footprint and become more vertically integrated so that is where our focus and activity will be for the remainder of this year.”
Fiore Cannabis has been investing in the development of recreational and medical cannabis products since 2014. The company has expanded its operations to include cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California.
Fiore’s portfolio of brands includes Fiore Cannabis, Diamante Labs, PureCloud 9, Surfer and The Weekender.
Fiore Cannabis Ltd. (FIOR) opened trading at C$0.105 per share.
