Heritage Cannabis Sells Interest In Blockchain-Focused Tech Firm To Fuel Its Marijuana Operations

Heritage Cannabis Sells Interest In Blockchain-Focused Tech Firm To Fuel Its Marijuana Operations

Heritage Cannabis Holdings Corp. CANN HERTF has sold its interest in Stanley Park Digital Ltd., a technology consulting company that focusses on all aspects of blockchain technology, based in Vancouver, BC, for total cash proceeds of approximately CA$608,649 ($486,640).

Heritage initially signed a letter of Intent to acquire 20% shares in SPD in January 2018, and subsequently finalized and completed its investment for an aggregate purchase price of CA$340,000, representing an 18% interest in SPD in April 2020.

The sale of the investment is in-line with the company’s focus on its core strengths, namely growing its recreational business and leveraging its strengths in medical channels.

Proceeds from the sale paid to Heritage were in two tranches, the first amount of CA$444,489 has been received and the remaining CA$164,160 is anticipated to take place in 180 days’ time.

Additionally, the company said that it continues to work diligently with its auditors to have the 2021 filings completed.

Heritage is also in the process of completing its financial statements for the first quarter of 2021, and management's discussion and analysis and expects to file its quarterly results shortly after the 2021 filings are made.

Related News

Photo: Courtesy of NeONBRAND on Unsplash

Posted In: BlockchainmarijuanasaleCannabisNewsPenny StocksAsset SalesMarkets