U.S. tobacco company Pyxus International has sold off its Canadian cannabis subsidiaries, according to a media report and court filings.
North Carolina-based Pyxus announced in January that it was divesting its Canadian assets, which included Figr Brands, Canada’s Island Garden, and Figr Norfolk, after filing for bankruptcy protection in June 2020.
Figr Brands and Canada’s Island Garden are being acquired by a group of Prince Edward Island investors, according to a Wednesday report in Atlantic Canada media outlet SaltWire Network.
Figr Norfolk, which is located in Ontario, is being purchased by a different company and will not keep the Figr name, according to the report.
SaltWire reported that Alex Smith, identified as a member of Canada’s Island Garden’s management team, will be the CEO-designate of Figr after the deal closes.
Smith said he could not disclose the purchase price, and that the company would continue operating in Canada’s recreational and medical cannabis markets.
Court orders approving both sales were approved on June 10, and may be viewed on the website of court-appointed monitor FTI Consulting.