TORONTO, March 30, 2022–(BUSINESS WIRE)–Heritage Cannabis Holdings Corp. (the “Company”) (CSE: CANN) (OTCQX: HERTF) today announced it has sold its interest in Stanley Park Digital Ltd. (“SPD”), a technology consulting company that focusses on all aspects of Blockchain technology, based in Vancouver, BC, for total cash proceeds of approximately CDN$608,649.
Heritage initially signed a Letter of Intent to acquire 20% shares in SPD in January 2018, and subsequently finalized and completed its investment for an aggregate purchase price of CDN$340,000, representing an 18% interest in SPD in April 2020. The sale of the investment is in-line with the Company’s focus on its core strengths, namely growing its recreational business and leveraging its strengths in medical channels.
Proceeds from the sale paid to Heritage were in two tranches, the first amount of CDN$444,489 has been received and the remaining CDN$164,160 is anticipated to take place in 180 days’ time.
Additionally, further to the Company’s press release on February 28, 2022 relating to the delay in the Company filing its 2021 annual financial statements and management’s discussion and analysis (the “2021 Filings”), the Company continues to work diligently with its auditors to have the 2021 Filings completed. In addition, the Company is also in the process of completing its Q1 2022 financial statements and management’s discussion and analysis and expects to file its Q1 2022 results shortly after the 2021 Filings are made.
Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
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