Liberty Health Sciences has announced the sale, via its subsidiaries, of certain of its assets in Florida and substantially all of its assets in Ohio, in a transaction that was completed today.
The Company is selling 36 acres of land, comprising its Chestnut Hill Tree Farm site in Alachua County, Florida, as well as all of its assets in Ohio, for an aggregate total of for US$14,750,000 to an arm's length purchaser.
According to the company, in Florida, the Chestnut Hill Tree Farm site includes greenhouses comprising a total grow space of approximately 21,600 square feet, as well as various other structures totaling approximately 23,300 square feet and certain personal property located on the site.
In Ohio, the assets consist of the sale of 50.0% of the Company's indirect 50.1% interests in each of three joint ventures, including a dispensary license operating under the trade name "Mad River Remedies" and a provisional processing license.
In 2019, Liberty has shifted its focus to its 387-acre LHS 360º Innovation Campus in Gainesville, Florida ("Liberty 360") and completed the cultivation portion of its retrofit activities at Liberty 360 this past March, bringing 190,000 square feet of greenhouses online. Liberty 360 is a state-of-the-art cannabis facility with large-scale cultivation space and production technology.
"Our primary focus has been on expanding Liberty 360 facility located in Gainesville," said Victor Mancebo, Interim Chief Executive Officer of Liberty. "Growing our cultivation, processing, manufacturing, and distribution areas has been pivotal to support the allotment of dispensaries in Florida. At Liberty 360 we have plenty of room to grow and overcompensate for the market demand. We plan on initiating ethanol extraction by October 2019, which will help us expedite our overall extraction process along with maintaining our CO2 extraction for certain products."
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