CA - CloudMD divests two British Columbia pharmacies to Neighbourly for $3.8M
- CloudMD Software & Services ( OTCQX:DOCRF ) has decided to sell its British Columbia based pharmacies to Canada's Neighbourly Pharmacy ( TSX: NBLY:CA ) for $3.8M in cash.
- In the deal announced on Monday, CloudMD said it has signed a definitive agreement to sell Neighbourly its two brick-and-mortar retail pharmacies- Cloverdale Pharmacy in Surrey and Steveston Health Centre in Richmond BC.
- It follows $5.75M divestment of clinics and cloud practice asset to WELL Health as announced by CloudMD on Oct. 11, 2022.
- " We are pleased with the progress and non-dilutive capital we’ve been able to generate through the divestiture of assets in our non-core Clinics and Pharmacies division. Between this transaction and the previously announced divestiture of Cloud Practice and clinics we’ve generated over $9 million in capital we can redeploy for the growth of our EHS Division, which will allow us to continue scaling our core business," commented CloudMD CEO Karen Adams.
- Closing of the transaction is expected in Q4 2022.
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CloudMD divests two British Columbia pharmacies to Neighbourly for $3.8M