Althea Group Holdings (ASX:AGH) executed a definitive asset sale agreement to divest certain assets of its wholly-owned unit, Althea, to Tasmanian Botanics for a consideration of AU$1 million and a profit-sharing component, according to a Friday bourse filing.
The consideration includes a AU$50,000 deposit, which was already paid, and a 50% net profit share on sales of specified residual pharmaceutical inventory.
The assets include Althea trademarks, brand goodwill, website, phone number, and pharmacy/prescriber data.
The deal is expected to be completed in June, per the filing. Tasmanian Botanics will act as Althea Group's agent for a six-month period after completion to sell the remaining Althea-branded inventory.
The company will use the proceeds to strengthen its balance sheet through targeted debt repayment. The firm said it will focus entirely on its North American tetrahydrocannabinol-infused beverage operations under the Peak Processing Solutions banner.
Althea Group Holdings' shares jumped over 4% in recent trading on Friday.
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