Cann Group has received a final payment of A$1.9 million from Sativite for the sale of business assets at its former Southern cultivation and manufacturing facility.
Cann agreed to sell the Melbourne facility to Sativite in January 2023 in a deal worth almost $5.5m.
Under the arrangement, Sativite agreed to first acquire the land and building for $3.1m and provide Cann with a lease to continue operating at the site on its behalf.
In the second phase, it agreed to acquire Cann’s business assets at the facility for $1.9m with settlement due once it received its licence from the Office of Drug Control (ODC) to operate there.
Sativite was recently granted that licence, triggering the final payment.
Cann Group has consolidated its cultivation and manufacturing operations at its Mildura facility with research and development work being undertaken in Bundoora, Victoria.
Yesterday, CEO Peter Koetsier announced he was stepping down from the role at the end of the financial year.
