AgraFlora Organics International Inc. (OTCMKTS:AGFAF) has announced that its subsidiary Farmako GmbH has commenced supply of its novel THC Testkits to STADAPHARM GmbH. Farmako developed and produced the THC testkits in-house and will supply them to STADAPHARM as a tool pharmacists can use to easily detect THC and identify medical cannabis extracts and flowers.
STADAPHARM is a Speciality Pharmaceutical unit within STADA Group and will enter the medical cannabis market in Q2 2021. The company plans to launch its THC-containing marijuana products and provide THC Testkits to pharmacists for medical marijuana identification.
AgraFlora CEO Elise Coppens said that the Farmako team has continued to show passion and ingenuity for the marijuana sector in Germany. Coppens said that they are proud of the team and efforts to develop THC Testkit and bring it to the market and enter an agreement with STADAPHARM.
AgraFlora sells stake in the Edibles & infusions Corporation
The company also announced the signing of an agreement to sell its stake in The Edibles & Infusions Corporation to Organigram Holdings Inc. (NASDAQ:OGI). The company will sell its 43% stake for total consideration of $22 million in Organigram shares plus 13 million in additional shares should EIC meet a certain milestone. The transaction positions the company for the future, with the net share increasing $35 million in proceeds as it aligns itself in the fast-changing cannabis sector. Coppens said that the transaction will be mutually beneficial and she has enjoyed working to finalize the EIC deal.
AgraFlora sells AAA Heidelberg facility
Recently the company entered a definitive agreement to sell its subsidiary AAA Heidelberg Inc. for $1 million. AAA runs an 8,800 sq. ft. indoor cultivation facility in London, Ontario. The transaction closing will be subject to customary approvals and will occur in the second quarter of 2021.
Coppens said that with positive developments witnessed in Delta, British Columbia, at the Propagation Services Canada facility, they considered AAA subsidiary non-core. The sale is part of the company’s streamlining strategy to focus on profitable core assets.
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