Citation Growth Corp. Provides Corporate Update
Including Further Focus on US Assets through NonCore Disposition Raising $825,000.00 for Deployment into High Growth Nevada Assets
KELOWNA, BRITISH COLUMBIA – January 7th, 2020 – Citation Growth Corp. (CSE: CGRO)
(OTCQX: CGOTF) ("Citation" or the "Company"), a licensed cannabis cultivator and producer, is
pleased to provide a corporate update.
US Focus in High Gear through Further Asset Rationalization
On December 23rd, 2019, Citation entered into an agreement to dispose of its Magna Bay asset for gross proceeds of $825,000. This asset disposition continues the strategy of Citation to further focus on its Nevada asset base where it is seeing stronger capital efficiency and return on invested capital.
The sale of the assets will bring in $600,000.00 in cash at closing and an additional $225,000.00 to be paid later in 2020.
After the closing on December 23rd, 2019, the proceeds from the transaction were deployed into Citation’s100% owned and operation Pahrump, Nevada cultivation facility and the 100% owned and operated North Las Vegas “APEX” extraction facility located in North Las Vegas. AspreCitation intends to continue to invest in its Nevada asset base and in 2020 will continue with its proposed expansion of its Pahrump facility. viously announced, upon full build out, the Company’s Pahrump operations will have total output of 16,800 lbs / year across 50,000 sq ft of grow.
About Citation Growth Corp.
Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.