Cansortium Inc. announced completion of the sale of its non-core operations in Puerto Rico to PRICH Biotech Corp. for $670,000 in cash.
PRICH acquired the operational assets, including applicable cannabis licenses, and assumed certain liabilities. In addition, PRICH will pay Cansortium a royalty on future sales of Fluent-branded products, effective on the closing date.
The sale has already received regulatory approval, the companies said.
“The sale of our Puerto Rican assets is consistent with our ongoing objective to generate value from the company’s non-core assets and to prioritize capital allocation toward large, profitable growth opportunities in Florida, where we currently operate 20 medical marijuana dispensaries under the Fluent brand name, and in other U.S. markets, including Michigan, Texas and Pennsylvania,” said Neal Hochberg, Executive Chairman of Cansortium’s board
Headquartered in Miami, and operating under the Fluent brand, Cansortium focuses on the sale and different aspects of the cannabis industry.