May 14, 2021 – TheNewswire – Vancouver, B.C. – Luff Enterprises Ltd, (CNSX:LUFF.CN) (“LUFF” or the “Company”) is pleased to announce that it has entered into definitive agreements (“Agreements”) to sell its Las Vegas facility and associated licenses (“Assets”) to The Pharmari Nevada, LLC, a privately held company for total cash consideration of CAD $6.05 million.
The Agreements are subject to customary closing conditions in addition to approval by the Nevada Cannabis Compliance Board.
The Company has indicated in prior filings that the Las Vegas facility was being marketed for sale and it is pleased to conclude the definitive agreements.
LUFF CEO, Philip Campbell commented, “The sale of our Las Vegas facility and licenses allows LUFF to reallocate capital to focus on its core business of manufacturing and selling premium quality and innovative CBD products. We are now actively selling our suite of products through e-commerce channels and this transaction frees up the capital required to scale our manufacturing capacity and improve margins. Early online sales are very encouraging and we plan to prudently increase investment in automated equipment in order to scale production and secure manufacturing efficiencies.”
About Luff Enterprises Ltd.
LUFF Brands is a CBD lifestyle company, focused on providing premium quality, innovative products across the United States. Committed to plant-based science, LUFF produces a suite of thoughtfully designed products.
The company focuses on unique formulations leveraging cannabinoids such as CBG and CBN; and boosts them with superfood ingredients to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.
THE CANADIAN SECURITIES EXCHANGE (THE