Canadian cannabinoid company MediPharm Labs is halting the previously announced sale of its Napanee, Ontario, facility to Kensana Health.
The company terminated the $5.5 million sale of its ABcann Medicinals subsidiary because Ontario-based Kensana Health did not meet some of the terms and conditions within the required timelines, according to a Monday news release.
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The facility is expected to continue operating without disruption, MediPharm said.
Under terms of the initial agreement, Barrie, Ontario-headquartered MediPharm will keep some of the nonrefundable deposits paid by Kensana.
“Growing our profitable revenue was a critical element of our success in 2024,” MediPharm Labs CEO David Pidduck said in a statement.
“We will continue to use the Napanee facility to capitalize on international opportunities in 2025.”
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