Canadian cannabis company MediPharm Labs Corp. plans to sell its facility in Hope, British Columbia, to Rubicon Organics for $4.5 million in cash.
The transaction, expected to close in the second quarter, includes a building, land and some equipment, according to a Monday news release.
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The deal comes on the heels of MediPharm terminating a $5.5 million sale of its ABcann Medicinals subsidiary in February because the buyer, Ontario-based Kensana Health, did not meet some of the terms and conditions within the specified timeline.
As for the Hope facility, MediPharm said in the release that it ceased operations there last year to focus on its acquisition of Vivo Cannabis, an Ontario-based marijuana producer.
The buyer, Vancouver, British Columbia-based Rubicon Organics, is a producer
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