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Puration closes sale of cannabis cultivation business to Nouveau Life

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.