YourWay Cannabis Brands Announces Termination of Agreement to Sell Labtronix
- None.
- Labtronix sale termination due to fire department inspection order impacting extraction operations and buyer termination
Phoenix, Arizona and Vancouver, British Columbia--(Newsfile Corp. - December 5, 2023) - YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) ("YourWay" or the "Company") announced today that effective immediately the definitive agreement to sell Labtronix has been terminated. Accordingly, the special meeting of shareholders scheduled for December 28th, 2023 to vote on the sale of Labtronix, Inc. has been canceled.
Last week, Labtronix manufacturing location was visited by the fire department for a surprise inspection and was ordered to cease all extraction operations immediately until certain improvements are made to the facility. It is undetermined how long it will take to rectify this issue as it requires engineering and permitting through the City of Phoenix. In direct response to this infraction the License holder that Labtronix was operating under pulled the license from the building requiring all operations of Labtronix, Inc. to cease. The company is in discussions with the license holder to resolve the issue.
As a result of the aforementioned, the company received notification from the buyer, terminating the sale agreement.
About YourWay Cannabis Brands Inc.
YourWay was committed to redefining the way consumers and cannabis brands interact with the consumer. By building their own brands, partnering with others, they were dedicated to expanding their reach; remolding the cannabis industry and ultimately redefining how consumers and cannabis brands interact.
Website: www.yourwaycannabis.com
contact: ir@yourwaycannabis.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release may include "forward-looking information" as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
The Company, through its subsidiaries, is involved in the manufacture, possession, use, sale, and distribution of cannabis in the United States. Local state laws where the Company operates permit such activities; however, investors should note there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains illegal under federal law in the United States to cultivate, distribute or possess cannabis. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities may form the basis for prosecution under applicable federal money laundering legislation. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189974
FAQ
Why did YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) terminate the sale of Labtronix?
What caused the cessation of Labtronix extraction operations?
Why did the buyer terminate the sale agreement with YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF)?
What is the impact of the fire department inspection order on Labtronix operations?
How is YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) addressing the issue with the license holder?
