LEAMINGTON, Ont. — Licensed marijuana producer Aphria Inc. says it has exited the U.S. market for now by completing the sale of its remaining holdings in Liberty Health Sciences Inc.
The Ontario-based company says it has signed an agreement with a group of buyers to sell 64.1 million shares in Liberty Health for $59.1 million.
Aphria says it will re-enter the American market when U.S. federal laws permit.
It retains an irrevocable option to repurchase the shares for up to five years.
The shares will be held in escrow until a five-year promissory note due in 2023 is paid.
The cannabis company says the divestiture improves its cash position as it focuses on opportunities in Canada and other legal cannabis markets around the world.
Companies in this story: (TSX:APH)
The Canadian Press