Cansortium has announced an important first step in its planned exit from the Colombian cannabis market by recovering 4,124,166 common shares of Cansortium previously issued to its in-market partner, Vision Science and Technology, S.A.S. The shares have been returned to treasury for cancellation.
"Cansortium retains 50% of the equity of the Colombian business, Cansortium Colombia S.A.S., which owns the Colombian cannabis cultivation and manufacturing licenses and cultivation assets," the team with the company explains.
Neal Hochberg, Chairman of the Board and of the Special Committee, commented, "Cansortium is laser-focused on creating long-term value for all stakeholders by capitalizing on its growth opportunities in Florida, Texas, Michigan and Pennsylvania. Today's announcement is an important first step in our plans to fully exit the Colombian market. With the return to Treasury of approximately 4.1 million shares, together with the recently announced private placement of approximately $4.6 million in equity capital, restructuring of approximately US$25.0 million of near-term obligations, and the pending sales of non-core assets in Canada and Puerto Rico, Cansortium significantly improved its balance sheet flexibility and increased liquidity while limiting dilution to existing shareholders."
For more information:
Cansortium Inc.
82 NE 26th Street, Miami, Florida 33137
+1 (305) 902-2720
investors@cansortium.com
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