True Leaf Brands Inc.(CSE:MJ) (OTCPINK:TRLFF) (FSE:TLA) said it has entered a purchase and sale agreement with Hemp Technology Inc to sell its True Leaf Pet business.
The wellness company said the sale will complement its efforts to restructure itself, refinance its debt and raise funds, adding that the firm and its subsidiaries have extended a stay of restructuring proceedings from the British Columbia Supreme Court to September 15.
READ: True Leaf Brands updates shareholders on ongoing restructuring process
The closing of the transaction is subject to approval by the Court of the Transaction at a hearing set for August 28, 2020. Once the transaction has been approved by the Court, it is expected to close by September 14, 2020.
During the period, True Leaf said it is continuing to actively pursue further asset sales, recapitalization alternatives and potential strategic partnerships to “solidify its financial standing moving forward”.
True Leaf Brands Inc. is a wellness company for both people and their pets. True Leaf Cannabis Inc., a division of True Leaf Brands Inc., is a Licensed Producer and owns True Leaf Campus, an 18,000 square foot facility located on a 40-acre site zoned for the cultivation, processing, and sale of cannabis, as well as general industrial use, in Lumby, British Columbia.
True Leaf Pet Inc., also a division of True Leaf Brands Inc., is a global pet care company offering plant-focused wellness products that improve the quality of life for companion animals. The company is guided by its mission to "Return the Love" which was inspired by the unconditional love that pets give us every day.
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