Althea Group Holdings Ltd (ASX:AGH) – a company focused on the manufacturing and retail of cannabis products – has sold its MyAccess Clinics business in the United Kingdom and Ireland to Montu UK Ltd for $1 million as part of a streamlining plan.
MyAccess provided medical cannabis treatments to help patients dealing with chronic pain, mental health and sleep conditions.
The sale is expected to allow Althea to achieve operating cost savings of around $1.5 million, as well as annualised cost savings of $4 million, previously announced in May.
On top of that, the company will now be able to concentrate more on expansion of its North American operations, particularly targeting the cannabis beverage sector through Peak Processing Solutions – its recreational cannabis business whose products are marketed to retail stores.
Althea CEO Joshua Fegan said the decision would boost the company’s ability to grow in North America in particular.
“The completion of this sale marks a significant step in AGH’s strategy to streamline our operations and sharpen our focus on high-growth opportunities,” he said.
“By divesting MyAccess Clinics, we are better positioned to accelerate our North American expansion, particularly in the cannabis beverages market through Peak Processing Solutions.”
Althea has been trading at 4.3 cents.
Join the discussion: See what HotCopper users are saying about Althea and be part of the conversations that move the markets.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。