Puration Inc. completed the spinoff of its cannabis cultivation business by selling it to Nouveau Life Pharmaceuticals Inc. in exchange for a convertible purchase note.
The note will be converted into common shares of Nouveau after it implements a recapitalization plan.
Puration also stated that it has signed a letter of intent to acquire a cannabis beverage company. The company has recently launched a strategy to focus its efforts on expanding its existing cannabis-infused beverage business.
The company's management plans to present further details on the planned acquisition in an online presentation Oct. 11.