Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Fiore Cannabis (FIOR) sells surplus cannabis licence to fund expansion of Apex cultivation facility
  • A revenue-sharing agreement for incremental sales from the facility has been negotiated between the parties
  • A significant increase of cultivation and production space from 10,000 square feet to approximately 80,000 square feet
  • Fiore has developed strong relationships with the Nevada retail market for the distribution of additional products
  • Fiore Cannabis (FIOR) is up 3.23 per cent and is trading at C$0.16 at 12:58 pm ET

Fiore Cannabis (FIOR) has agreed to sell a surplus cultivation license for its Apex cannabis production facility in Las Vegas.

Allied Corp, which purchased the license for US$1.5M, is actively increasing its involvement in the international cannabis space.

“We are building a great partnership with the team at Allied as we work collaboratively to drive our business plan forward. Selling this surplus licence advances us along our strategic path,” said Erik Anderson, President and CEO of Fiore Cannabis.

“The funds generated mean we can push forward on our expansion program for our Apex facility in Las Vegas to enhance cultivation capacity and deliver additional cannabis products into the growing and high-margin Nevada market,” added Anderson.

Calum Hughes, CEO of Allied, said,

“We see great opportunity in acquiring this licence from Fiore and building out our own facilities to serve local medical markets. We look forward to working with their team and have them assist us in operating the new facility.”

“Fiore is the perfect partner which also sees the potential massive opportunity that U.S. legalization presents,” concluded Hughes.

A revenue-sharing agreement for incremental sales from the facility has been negotiated between the parties.

Fiore will be assisting Allied with the genetics and selection of cannabis strains for their new operation as well as consulting on the marketing of eventual cannabis products through Fiore’s already established medical and retail partnerships.

Fiore will use the proceeds from this sale to fund its Apex facility expansion, including an increase of cultivation and production space from 10,000 square feet to approximately 80,000 square feet.

Fiore has developed strong relationships with the Nevada retail market for the distribution of additional products, as Fiore’s award-winning organic cannabis product is in high demand.

Fiore Cannabis is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014.

Fiore Cannabis (FIOR) is up 3.23 per cent and is trading at C$0.16 at 12:58 pm ET.

More From The Market Herald

" Nutritional High’s (CSE:EAT) California businesses aided by new ordinance vote

Nutritional High’s (EAT) OutCo acquisition will benefit from a recent vote by the San Diego County Board of Supervisors.

" VIVO Cannabis™ (TSX:VIVO) completes first shipment to Beacon Medical Germany GmbH

VIVO Cannabis’s (VIVO) subsidiary ABcann Medicinals has completed its first shipment of EU-GMP certified Canadian dried flower medical cannabis into Europe.
BioHarvest Sciences - David Tsur

" BioHarvest Sciences (CSE:BHSC) appoints David Tsur to its board of directors

BioHarvest Sciences (BHSC) has announced that, effective immediately, David Tsur will serve as a non-executive director of the company.

" Maple Leaf Green World (CSE:MGW) unveils new CBG wellness brand

Maple Leaf Green World (MGW) is launching a new health and wellness brand, RèNao Wellness.