looks to increase production eightfold
CA (ON): Aphria buys 360,000 sq. ft. from CF Greenhouses
The vendor under the Purchase Agreement is Cacciavillani and F.M. Farms Ltd., operating as CF Greenhouses, (currently Aphria's landlord), a company having common ownership with Co-Founder and Chief Operating Officer, Cole Cacciavillani. This transaction is considered non-arms length due to Mr. Cacciavillani's ownership and director and management positions at Aphria. As a condition of the acquisition, the company will terminate its existing lease and support services agreement for the greenhouse space it currently utilizes and other infrastructure providing ancillary services.
"As we continue to exceed our revenue and profitability expectations, it is essential to secure both near-term and long-term capacity growth on our existing site," says Vic Neufeld, Chief Executive Officer. "The assets purchased lay the foundation for Aphria to remain an industry leader in Canadian medical marijuana as oil extraction comes on-stream and the recreational marijuana market becomes legislated."
The Purchase Agreement remains subject to regulatory approvals, including the approval of the TSX Venture Exchange.
For more information:
Aphria Inc.
Vic Neufeld
President & CEO
1-844-427-4742
aphria.com
