SOL Global Investments Corp. today makes a statement on the September 27, 2018 sale of its Latin American operations, LATAM Holdings Inc., to Aphria Inc. Brady Cobb, SOL Global’s Chief Executive Officer, releases the following statement: “SOL Global completed the sale of its Latin American assets to Aphria Inc. on September 27, 2018. These assets included valuable licenses and strategic partnerships with governments and regulators in each of the Colombian, Argentinian, and Jamaican markets. The sale also included a right of first offer and refusal in respect of an asset in Brazil. These emerging market licenses represent some of the most significant growth opportunities in the global cannabis and CBD marketplaces.
SOL Global reiterates that it is satisfied with the outcome of the transaction. The transaction – as with all transactions of this size – was thoroughly reviewed by both parties, each of which employed qualified and reputable financial analysts and prominent law firms to review the terms of the deal and received a formal valuation and majority of the minority shareholder approval as required by applicable Canadian securities laws. The transaction also received approval by the TSX and the CSE.
Sol Global – and numerous other prominent cannabis companies – have recognized that the cannabis market in Latin America has not yet realized its massive potential. Favorable climate conditions in many Latin American countries, along with continued liberalization of government regulation and the comparatively lower cost of production and cultivation, will make Latin American countries a major participant in the emerging global cannabis economy over the next decade and beyond.
Quintessential Capital Management and Hindenburg Research are financially invested in destroying the stock prices of SOL Global and other cannabis companies by publicizing false and/or purposely misleading information to apply negative pressure to stock prices. Our company will not engage in a back-and-forth with these bad-faith actors at this time. Further, we will be empaneling a special committee of our Board as well as engaging independent counsel to review the false allegations levied against SOL Global by these bad actors and to pursue all available legal relief against parties that have manipulated SOL Global’s stock price via false and/or misleading information.
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We welcome our current investors and potential new investors to look closely at our capital investments and financial statements and performance before they invest with us, and would expect nothing less.”
Date: December 10, 2018
Source: MarketWatch
