What is going on with FIORF?
Fiore Cannabis Ltd. (FIORF) stock is lower today after the company announced it signed a Definitive Agreement with 1313721 B.C. Ltd. to transfer ownership of Fiore's Celista, British Columbia asset, as well as sell the company's wholly owned subsidiaries, Marapharm Inc and Full Spectrum Medicinal Inc., in consideration for debt and liabilities associated with the purchasing stakeholders.
Fiore is a licensed multi-state cannabis cultivator, producer, and retailer, and has offerings in Nevada and California. Shares of FIORF fell 2.45% to $0.078 as of Wednesday at 11:34am.
What does this mean for Fiore Cannabis?
Fiore did not specify the specific terms of the deal, but they did disclose that the sale of the assets would allow them to clean up its balance sheet by eliminating approximately $3.9 million of total liabilities, including a mortgage and other obligations.
"Completing the sale of the Celista asset is a welcomed win for our organization," said Erik Anderson, President and CEO of Fiore Cannabis.
"In doing so we clean up our balance sheet and can further allocate funding to our key markets in Nevada and California. We continue to build out our operations in Las Vegas and in Desert Hot Springs in California's Coachella Valley so that we focus our energies on where we are producing top-quality premium organic cannabis and generating returns to our investors."
FIORF has a Short-Term Technical Rank of 20. Find out what this means to you and get the rest of the rankings on FIORF!
Fiore Cannabis Ltd is engaged in the production and cultivation of medicinal and recreational cannabis. Also, the company is engaged in the business of hemp-seed oil and skin products. Its brands are Fiore, Purecloud9, Diamantelabs, Surfer, and The Weekender. The company's geographical segments are Canada and United States.
