12th Aug 2019 16:33
(Alliance News) - FastForward Innovations Ltd said on Monday investee Cryptologic Corp has issued Wayland Group a USD5.0 million bridge loan ahead of the acquisition of its Canadian cannabis business.
The financing will allow Wayland to continue to built out of its facility in Langton, Ontario and is in connection to the proposed acquisition deal.
The acquisition, which was initially announced on August 6, values Wayland's Canadian cannabis business at around CAD230.0 million, or about GBP143.8 million.
FastForward previously said it would realise its investment in Cryptologic as supplying cannabis for recreational use is not line with its investment strategy, or UK regulations.
Cryptologic plans to dispose of its cryptocurrency mining operations and become "a single-purpose cannabis company".
Shares in FastForward closed down 3.5% at 7.00 pence each in London on Monday.
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