LFST - Global Weed Business: Flora Buys Australian Vaporizers As IM Cannabis Doubles Down On Germany | Benzinga
Lifeist Finalizes Sale of Australian Vaporizers
Lifeist Wellness Inc. (TSXV:LFST) (FRANKFURT: M5B) (OTC:LFSWF) said on Wednesday it has sold Australian Vaporizers Pty Ltd., its wholly owned Australian subsidiary to Flora Growth Corp. (NASDAQ:FLGC).
The sale, first announced in September 2023, was wrapped up through a share purchase agreement, under which Lifeist has sold the issued and outstanding shares of Aussie Vapes to Flora, for roughly CA$900,000 ($658,439). The sum is payable by Flora issuing from treasury to Lifeist 550,000 of its common shares.
Lifeist delivered CA$400,000 of inventory (as opposed to CA$1.1 million of inventory in the previous agreement) and CA$50,000 cash (vs. C$450,000 cash in the previous agreement). The company noted that it was a CA$ 1.1 million improvement in working capital to the benefit of its shareholders.
In addition, the deal positions Lifeist shareholders to benefit from the exposure ...