Tetra Bio-Pharma Signs Letter of Intent to Monetize GrowPros

Tetra Bio-Pharma (TSXV:TBP; OTCQB:TBPMF) announced it entered into a non-binding letter of intent to sell GrowPros by an undisclosed private Canadian corporation.
As quoted in the press release:

With this transaction, Tetra is expected to receive $350,000 and ensure another supply source of cannabis with pharmaceutical GMP quality for the pipeline of products under development.
“We are very happy to leverage this asset that is Grow Pros. By finding a reliable partner, Tetra expects not only to immediately increase its cash flow, but also to enable its shareholders to maintain an investment in the high growth cannabis industry. As importantly, Tetra is further focusing on its core expertise and strength: the development of prescription drugs through the highest levels of clinical trials. Finally, we expect this deal to allow us to secure our production of dried cannabis for our lead drug candidate for its expected approval and eventual commercialization, and provide us with another partner from which we can supply our active pharmaceutical ingredients (API) for our drug development programs.” says Bernard Fortier, CEO of Tetra.

Click here to read the full press release.