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Golden Leaf sells 2 medical cannabis units to Sensi Brands for C$3.4M

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Golden Leaf sells 2 medical cannabis units to Sensi Brands for C$3.4M

Golden Leaf Holdings Ltd. sold two medical cannabis units to Sensi Brands Inc. for a total value of C$3.4 million, effective Dec. 31, 2019.

Toronto-based Golden Leaf sold Medical Marihuana Group Corp. and Medical Marijuana Group Consulting Ltd. for C$1.8 million in cash; C$1 million in a secured vendor take-back loan; C$200,000 in an unsecured loan; and C$400,000 through the assumption of the company's outstanding mortgage debt.

The management of MMG, which recorded zero sales in the third quarter of 2019 despite consuming C$475,000 of cash, is shifting its focus on the U.S. market, where the unit's operations have shown a favorable cash flow, the company said in a press release dated Jan. 6.

Golden Leaf will retain control of its Chalice Farms brand and expects to give Sensi rights to market its products in return for royalties.