A legally binding third-party purchase and sale agreement has been made by the Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTC: GWAYF) for the sale of an extra greenhouse for $7,500,000 CAD. A 10-acre hydroponic greenhouse that is now rented out and was advertised for sale as a surplus asset makes up the property being sold. The company, which utilizes another facility for its cannabis activities, just completed an expansion there. It is anticipated that the deal will close in less than 30 days.
A surplus greenhouse is reportedly scheduled to be sold for 7,500,000 CAD, according to a third-party purchase and sale agreement signed by Greenway Greenhouse Cannabis Corporation.
The property being sold is a 10-acre hydroponic greenhouse that is now rented and was put for sale as a surplus asset, as was previously stated. The Company, which utilizes a different location for its cannabis activities, just completed an expansion there. Acting independently from the Company, the property buyer purchases the asset. It is anticipated that the deal will close in less than 30 days. After the accompanying bank credit facility has been repaid, the net proceeds of the sale are to be utilized for working capital needs.
Earlier this month, the company announced that it had submitted its application to Health Canada to license additional cultivation and processing space as well as an application for a Standard Processing license. Commenting on the news. Jamie D’Alimonte, CEO of Greenway Greenhouse says “Submitting the application for the expanded Cultivation license is the culmination of months of hard work and dedication by our staff and the contractors who have done an amazing job. We were able to finish the expansion on time and on budget, in no small part due to their hard work, We were prudent to start right-sized, and now we look forward to scaling up production and revenue.”
Image provided by Greenway Greenhouse Cannabis Corporation
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