Aphria Inc. (OTCQB:APHQF), a Canadian producer, supplier, and seller of medical cannabis, has entered into an agreement with DiNiro Farms Inc. to buy 11 acres adjacent to its facilities in Leamington, Ontario, according to a press release.
The 11 acres, which include 345,000 square feet of greenhouse space, will be purchased for $2.1 million in cash.
Aphria’s agreement to purchase the DiNiro Farms property adds to recent land acquisitions.
Vic Neufeld, Aprhia’s Chief Executive Officer, said, “Together with the previously announced CF Greenhouse property acquisition of 36 acres, this additional 11 acres of property, to be incorporated into our master site plan, positions Aphria to be able to strategically capitalize on the anticipated demand that may be created by the legalization for recreational use legislation, which is expected to be tabled in the spring of 2017.”
According to the purchase agreement, DiNiro Farms will continue to operate its greenhouses through Dec. 31, 2017. Aphria will not need an additional Health Canada license because the DiNiro Farms property will be merged into its current campus.