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  • Fiore Cannabis (FIOR) has sold its B.C. asset to redouble its focus on the U.S. market in Nevada and California
  • The company terminated the letter of intent signed with Indigenomix International dated April 8, 2020
  • It has subsequently signed a memorandum of understanding with PECA Properties to transfer ownership of its Celista, B.C. asset and subsidiaries
  • The Celista asset includes 40 acres of land, two constructed buildings and a late-stage Health Canada License to Cultivate application
  • The transaction enables Fiore to eliminate C$4.8 million in long-term liabilities
  • Fiore Cannabis has been developing medical and recreational cannabis products since 2014
  • Fiore (FIOR) closed the day up 10 per cent trading at $0.165 per share

Fiore Cannabis (FIOR) has sold its B.C. asset to redouble its focus on the U.S. market in Nevada and California.

The company terminated the letter of intent signed with Indigenomix International dated April 8, 2020.

It has subsequently signed a memorandum of understanding with PECA Properties to transfer ownership of Fiore’s Celista, B.C. asset, as well as its wholly-owned subsidiaries, Marapharm and Full Spectrum Medicinal, in consideration for debt and liabilities.

The Celista asset includes 40 acres of land, two constructed buildings and a late-stage Health Canada License to Cultivate application.

The transaction enables Fiore to eliminate C$4.8 million in long-term liabilities.

Erik Anderson, President and CEO of Fiore Cannabis, commented,

“We are very pleased to have completed the sale of the Celista asset as it does not fit with the company’s strategic direction. The transaction further cleans up our balance sheet and will enable us to allocate additional funds to drive expansion in our key markets of Nevada and California.

We continue to expand upon our operations in Las Vegas and the Coachella Valley and focus our energies on where we are generating revenues and profitability.”

Furthering its strategy, the company has terminated two additional LOIs in British Columbia. The first was to purchase a micro cultivation facility, Laughing Turtle Farms, dated October 6, 2020. The second was to purchase two retail cannabis locations from 1260474 B.C. Ltd. dated October 8, 2020.

Fiore Cannabis has been developing medical and recreational cannabis products since 2014.

Fiore (FIOR) closed the day up 10 per cent trading at $0.165 per share.

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