Cannabis Investor Announces Regulatory Approval for Sale of Cultivation Assets

By: Dylan Sikes – AllPennyStocks.com News

Monday, March 6, 2023

As the country moves toward nationwide legalization of cannabis, partnership will bring a new level of service. North American cannabis investor New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF) announced it a press release that the Washington State Liquor Cannabis Board (WSLCB) has approved the sale of the license holder’s cultivation license to a third-party asset management company and will lease the cultivation facility. New Leaf Enterprises (the license holder) will retain its processor license, allowing it to develop, manufacture, and distribute all cannabis-derived products in the State.

According to Dax Colwell, CEO & Co-Founder, New Leaf USA & Director, New Leaf Ventures Inc., “Everyone, on both sides of the transaction, are thrilled to have this finally completed. As we’ve worked diligently to bring this to a close, time has shown we’ve made the right decision as an organization to step away from indoor cultivation. The team has continued to do exceptional work building out the new procurement model and I commend them for their efforts. Our continued mission is to have trusted and quality brands in the marketplace.”

U.S. shares were trading up at $0.0094 in late morning trade.

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