Pyxus International Completes Exit of Canadian Cannabis Operations
Pyxus International, Inc. (OTC Pink: PYYX) has successfully completed the sale of assets from FIGR Norfolk, Inc. as of January 28, 2022, marking its exit from cash-flow-negative cannabinoid operations.
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Rhea-AI Summary
Pyxus International, Inc. (OTC Pink: PYYX) has successfully completed the sale of assets from FIGR Norfolk, Inc. as of January 28, 2022, marking its exit from cash-flow-negative cannabinoid operations. This strategic move concludes its involvement in the Canadian cannabis market, including industrial hemp and CBD products. CEO Pieter Sikkel emphasized the company's renewed focus on tobacco and e-liquids, aiming to streamline operations and enhance stakeholder value through strengths in agronomy and sustainability.
Positive
- Successful exit from cash-flow-negative cannabinoid operations.
- Renewed focus on tobacco and e-liquids, which may improve financial performance.
- Reduced SG&A costs as part of the strategic restructuring.
Negative
- None.
Details
News Market Reaction – PYYX
The recorded move for PYYX in the trading session of this news was +11.49%.
Data tracked by StockTitan Argus. Session date unavailable.
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MORRISVILLE, N.C., Feb. 09, 2022 /PRNewswire/ -- Pyxus International, Inc. (OTC Pink: PYYX) ("Pyxus" or the "Company"), a global value-added agricultural company, today announced the completion of the sale of assets of FIGR Norfolk, Inc., the final key step in the Company's strategic decision to exit its cash-flow-negative cannabinoid operations.
With the completion of this sale, which occurred on January 28, 2022, no subsidiaries of the Company produce or sell Canadian cannabis in any capacity. In addition, the Company is no longer involved in activities related to industrial hemp or CBD.
"Since announcing our intention to focus on tobacco and e-liquids last year, we have made tremendous strides in streamlining our operations and reducing our SG&A costs," said Pieter Sikkel, President and Chief Executive Officer of Pyxus International. "Moving forward, we will continue to focus on our tobacco-related businesses while leveraging the Company's strengths in agronomy, traceability and sustainability in order to deliver value to our stakeholders."
About Pyxus International, Inc.
Pyxus International, Inc. is a global agricultural company with more than 145 years' experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxus.com.
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SOURCE Pyxus International, Inc.
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