Cannabis company putting focus and energy into Nevada and California markets with final Canadian asset successfully sold
Kelowna, British Columbia and Las Vegas, Nevada–(Newsfile Corp. – August 4, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced that it has signed a Definitive Agreement with 1313721 B.C. Ltd. to transfer ownership of Fiore’s Celista, British Columbia asset as well as sell the Company’s wholly owned subsidiaries, Marapharm Inc and Full Spectrum Medicinal Inc., in consideration for debt and liabilities associated with the purchasing stakeholders.
The Definitive Agreement enables Fiore to clean up its balance sheet by eliminating approximately $3.9 million of total liabilities, including a mortgage and other obligations.
“Completing the sale of the Celista asset is a welcomed win for our organization,” said Erik Anderson, President and CEO of Fiore Cannabis. “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.”
About Fiore Cannabis
Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of recreational and medical cannabis products since 2014. The Company has expanded its operations to include