Cronos Group today announced that it has terminated its agreement with Future Farmco Canada for the sale and leaseback of its Peace Naturals Campus in Ontario, Canada.
The company said Farmco did not satisfy or waive its due diligence and financing condition by the May 27, 2024 deadline, as set forth in the agreement. As a result, all amounts paid by the buyer as part of a security deposit that were previously held in trust have been returned.
Cronos now said it is continuing to evaluate its strategic options for the Peace Naturals Campus, which may include continuing and expanding operations at the facility.
The original deal, announced in November 2023, was for CAD$23 million cash. The parties had also planned to enter into a lease agreement upon closing for portions of the Peace Naturals Campus, ensuring continued operations.
