Althea Group Holdings (ASX:AGH) has announced the sale of its MyAccess Clinics business in the UK and Ireland to Montu Group UK Ltd. The transaction is valued at AUD 1.0 million. This move aligns with Althea's strategy to concentrate on its North American operations.
Althea Group Holdings (ASX:AGH) has sold its MyAccess Clinics business to Montu Group UK Ltd for AUD 1.0 million. The deal ensures Althea's products remain on the clinic's formulary for three years and includes a commitment from Montu to purchase 10,300 units over two years. This sale is set to save AGH AUD 1.5 million annually in operating costs. Althea aims to enhance its focus on the North American market, particularly in the cannabis beverages sector, through its subsidiary, Peak Processing Solutions. The company's strategic direction indicates a commitment to expanding high-growth opportunities and optimizing its operations.
The sale of MyAccess Clinics is a strategic decision that allows Althea Group Holdings to focus on the rapidly growing cannabis beverages market in North America, while maintaining a revenue stream from our products in the UK.