Empower Clinics Inc told investors it is making progress with the divestment of its legacy cannabis assets as it focuses on its integrated healthcare business.
The company said negotiations continue with the buyers, Andrea Klein and Dustin Klein, regarding the 100% sale of Sun Valley and all its subsidiaries.
The terms of the previously announced non-binding term sheet have been updated in the form of a new Letter of Intent to proceed to a definitive agreement within 30 days, it added. Under the new terms, Sun Valley will be acquired in exchange for 1,000,000 shares of Empower and payment of the balance of prepaid rent for one of the clinic locations in Mesa, Arizona.
WATCH: Empower Clinics announces sale of all Cannabis related assets
Empower said it is also moving to formally close its Portland clinic operations as of October 31, 2021.
“This closure and the formal sale of the cannabis-related assets will enable the company to robustly embrace its integrative healthcare business model through pharmacy partnerships, healthcare clinics, Kai Medical Laboratory, Kai Care testing and MediSure diabetic and medical device management solutions,” the company said in a statement.
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, a medical device company and world-class medical diagnostics laboratories.
Supported by an experienced leadership team, the company is aggressively growing its clinical and digital presence across North America
Contact the author at stephen.gunnion@proactiveinvestors.com