Origin House (CSE:OH) announced its subsidiary Cannabis Royalties and Holdings entered into a share purchase agreement with Green Relief to sell its equity stake in Bodhi Research & Development.
As quoted in the press release:
Pursuant to the Agreement, Green Relief will first purchase from CRHC and other vendors, 51 [percent] of all outstanding common stock (the “Share Purchase”) of Bodhi Research for [C]$20 million in shares of Green Relief. Under the Agreement, there is also the potential for the future sale of the remaining 49 [percent] of the outstanding common stock of Bodhi Research for an additional [C]$20 million, to be paid in Green Relief common shares.
Marc Lustig, Chairman and CEO of Origin House commented, “In 2018, our focus has been on positioning Origin House as the preeminent house of promising growth brands in the California market. To maintain this focus and crystalize value for shareholders, we have prioritized the sale of assets that are deemed non-core to our business. We are pleased to have generated substantial returns for shareholders over the past 12 months on the sale of these non-core positions and will continue to allocate proceeds to the expansion of our brand support and acceleration platform in California.”