CannaRoyalty (CSE:CRZ) announced a letter of intent to sell its stake in Wagner Dimas to Australis Capital.
As quoted in the press release:
Pursuant to the Agreement, Australis intends to purchase Cannroy Delaware’s 22 [percent] equity interest in Wagner Dimas. As consideration for the Share Purchase, Australis would pay C$3 [million] payable in either common shares of Australis or cash.
Marc Lustig, Chairman and CEO of CannaRoyalty, said, “Over the past year, our team has been focused on building a platform that will position CannaRoyalty as the go-to home of origin for promising growth brands in the California market. To support these ongoing efforts, in early 2018 we outlined a plan to rationalize non-core assets. To date we have successfully executed that plan, generating significant returns for shareholders and non-dilutive capital to fund our California build-out.”