HEXO has completed the previously disclosed sale of its Niagara, Ontario facility for proceeds of approximately $10.25 million on June 15, 2020.
"The Company had determined to market the facility for sale following a strategic review by the Company of its cultivation assets in March 2020, in which it determined it no longer expected to re-commence operations at the Niagara facility due to an excess of cultivation capacity in the market and estimated forecast demand for cannabis products, as result of slower than expected market development," the team with the company explains. "The sale of the Niagara facility included land and greenhouse facilities, as well as certain equipment."
"The Company expects to use the proceeds from the sale of the Niagara facility to fund additional expansion of its Belleville, Ontario facility and for working capital and other general corporate purposes."
For more information:
HEXO
204-490, Boulevard Saint-Joseph,
Gatineau, QC J8Y 3Y7
1-866-438-8429
invest@hexo.com
hexocorp.com