Gatineau-based pot producer Hexo Corp. says it has sold its facility in Niagara Falls, Ont., for $10.25 million to an undisclosed buyer.
The cannabis company announced in March plans to list the facility after reviewing its cultivation assets.
Hexo determined that it no longer expected to restart operations, which it halted in November 2019, due to an excess of cultivation capacity in the market, forecasted demand for cannabis products and expected market development.
OBJ360 (Sponsored)
When David McPhedran’s parents emigrated from the United Kingdom in 1968, they didn’t have much, but Canada was known as the land of opportunity, and that’s what they sought for
Building The City We Aspire To Be
Ottawa is facing many challenges: we need more housing that achieves better sustainable density to create homes for families and support small businesses for a diverse economy. We need to
The sale of the Niagara facility included land and greenhouse facilities, as well as certain equipment.
The company says it expects to use the proceeds to fund additional expansion of its Belleville, Ont., facility and for working capital and other general corporate purposes.
