Aphria Selling Stake in U.S. Pot Producer in $20M Deal
Move meant to keep Aphria onside with Canadian stock regulators, markets.
Canadian marijuana producer Aphria Inc. on Friday announced a deal to sell its holding in Arizona cannabis company Copperstate Farms to Liberty Health Sciences Inc. for $20 million.
The move is aimed at helping Aphria avoiding issues with Canadian equity markets and regulators. Back in October, the Canadian Securities Administrators set out “specific disclosure expectations” for marijuana industry firms with investments in the U.S., while TMX Group Limited, which operates the Toronto Stock Exchange, said it might move to delist stocks of marijuana companies with operations in the U.S.
In addition, U.S. Attorney General Jeff Sessions in January rescinded an Obama-era memo that suggested that the federal government would not intervene in states where the marijuana is legal.
– Read the entire article at CBC News.