Tag: Figr

  • Pyxus Completes Sale of Canadian Cannabis Operations

    Pyxus Completes Sale of Canadian Cannabis Operations

    Photo: Pyxus International

    Pyxus International has completed the sale of assets of FIGR Norfolk, 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 Jan. 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 CEO of Pyxus International, in a statement. “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.”

  • Pyxus Readies to Divest Cannabis Business Interests

    Pyxus Readies to Divest Cannabis Business Interests

    Photo: Pyxus International

    Pyxus International intends to divest its cannabis business in order to focus on its more profitable tobacco and e-liquid businesses. In addition, the company has taken action to restructure its industrial hemp and CBD operations to minimize financial investment in that business.

    “Our strategic decision to exit cash-flow negative cannabinoid operations will allow us to reduce corporate SG&A [Selling, general and administrative expense] and sharpen our focus on growing our more profitable tobacco and e-liquid businesses such that these complementary businesses can fully leverage Pyxus’ 145-year heritage and existing relationships,” said Pieter Sikkel, president and CEO of Pyxus International, in a statement.

    “We maintain our belief that there is value in FIGR and its growth can be accelerated with the right capital structure and partner. The completion of our financial restructuring, global operations efficiency program, and continued investment in agronomy, traceability and sustainability are proving to be of significant value to our tobacco customers as we have started to work together on long-term strategic partnerships that support our objective of growing our market share.”

    In connection with the plan, the company’s three Canadian cannabis subsidiaries, FIGR Brands, Canada’s Island Garden (FIGR East) and FIGR Norfolk filed for and received protection from their creditors under the Companies’ Creditors Arrangement Act (Canada).

     

  • Figr Introduced in British Columbia

    Figr Introduced in British Columbia

    Pyxus International’s wholly owned indirect subsidiary Figr Brands has introduced its legal recreational cannabis products into British Columbia, Canada, marking Figr’s first western provincial entry in its planned expansion across the country.

    Figr’s cannabis products, including the brand’s two newest strains, are now available for purchase through BC Cannabis.

    “Figr’s entrance into British Columbia is an exciting step for Figr as the company continues to expand across Canada,” said Pieter Sikkel, Pyxus president and CEO. “We are proud of Figr’s dedication and commitment to providing Canadians new and continued access to high-quality, fully traceable cannabis products, particularly as Canada navigates the unprecedented challenges of the Covid-19 crisis. Cannabis is considered an essential business in British Columbia, and Figr is committed to meeting the demand of consumers while protecting the health and well-being of its employees.”

    Within the last nine months, Figr has expanded into three new markets across Canada as well as introduced its initial suite of Figr 2.0 products. Figr’s products are now available in five Canadian provinces through retail locations and online stores, including Prince Edward Island, Nova Scotia, New Brunswick, Ontario and British Columbia.

    All of Figr’s cannabis products are tracked from seed-to-sale by SENTRI, Pyxus’ proprietary track-and-trace platform.