Aphria announced that the company entered into a purchase and sale agreement with DiNiro Farms to acquire 11 acres of additional property adjacent to its existing campus for a $2.1 million cash payment. The 11 acres of abutting property includes 345,000 square feet of existing greenhouses. Concurrent with this transaction, the abutting property will be merged into Aphria's existing municipal address, thereby avoiding the need to apply for a new Health Canada site licence.
As a condition of sale, DiNiro is entitled to continue to operate its greenhouse growing operations on the property until December 31, 2017. While continuing operations, DiNiro is responsible for all costs associated with the property but is occupying the property on a lease free basis.
"Together with the previously announced CF Greenhouse property acquisition of 36 acres, this additional 11 acres of property, to be incorporated into our master site plan, positions Aphria to be able to strategically capitalize on the anticipated demand that may be created by the legalization for recreational use legislation, which is expected to be tabled in the spring of 2017", said Vic Neufeld, Chief Executive Officer.
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