Fiore Cannabis Completes Sale of Celista, B.C. Asset to Put Major Focus on Core U.S. Markets
Cannabis company putting focus and energy into Nevada and California markets with final Canadian asset successfully sold
Kelowna, British Columbia and Las Vegas, Nevada--(Newsfile Corp. - August 4, 2021) - Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) ("Fiore" or the "Company"), a licensed multi-state cannabis cultivator, producer and retailer, today announced that it has 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.
The Definitive Agreement enables Fiore 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."
Anderson continued, "We have been using these summer months to plan out and organize the Company's direction for the latter half of the year. We have such significant opportunities awaiting us in Nevada and California to expand our footprint and become more vertically integrated so that is where our focus and activity will be for the remainder of this year."
About Fiore Cannabis
Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of recreational and medical cannabis products since 2014. The Company has expanded its operations to include cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California. Fiore's portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, medical, wellness as well as new consumer experience preferences. Current brands include Fiore Cannabis, Diamante Labs, PureCloud 9, Surfer and The Weekender. The Company operates retail cannabis outlets through its Green Leaf Wellness brand. For more information, please visit www.fiorecannabis.com.
For Further Information:
Erik Anderson, President and CEO
1-877-438-5448 Ext. 713
This news release contains forward-looking statements or information that relate to our current expectations and views of future events, including in respect of the strategic goals of the Company, our future growth and expansion plans in the U.S., the impact of the sale of the Celista Asset on the Company's balance sheet, the impact of the sale of the assets in respect of the Company's future results, operations and performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as "anticipate", "objective", "may", "will", "might", "should", "could", "can", "intend", "expect", "believe", "estimate", "predict", "potential", "plan", "is designed to", "project", "continue", or similar expressions suggest future outcomes or the negative thereof or similar variations. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate.
Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such factors include, among others: the risks and uncertainties identified in the Company's reports and filings with the applicable Canadian securities regulators, risks and uncertainties related to the judgement of management in relation to accounting issues resulting from the sale of the assets, risks and uncertainties related to the impact of the sale of the assets, the effects and outcomes of the proposed expansion plans in the U.S., changes to the legislative regime to which the Company is subject to, the cultivation, production and sale of cannabis products in Nevada and California, and the saleability of future harvests. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
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