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Alternate Health board approves plans to spin off noncannabis assets

Alternate Health Corp. said its board approved a plan to explore a spin off of the company's noncannabis assets.

The Vancouver, British Columbia-based company said due diligence will take three to four months, but it plans to meet certain milestones before acting.

Chairman and CEO Michael Murphy said the proposed spin off is the best plan to maximize the value and revenue potential of the company's assets.

The proposed transaction, which will be subject to shareholder approval, will allow shareholders to receive their pro rata share of ownership in both companies on a 1:1 ratio.

The company plans to use a portion of new capital raised to hire management to take charge of expansion of each of its new primary divisions.

Alternate Health is also exploring options for its laboratory business, and could opt to retain the unit or move it to the noncannabis company.

Separately, independent director Kristin Taylor resigned from the board to focus on her full-time career obligations. The company said it is looking for Taylor's replacement.