(Globe Newswire) Vancouver — Digicann Ventures Ltd., a company focused on the cannabis industry, announces that it recently completed the sale of a secured convertible note issued by Valo Therapeutics OY to an arm’s length third party for gross proceeds of CA$225,000.
Digicann had been holding the Valo Note as an investment since purchasing it on October 21, 2021. However, during the year ended December 31, 2022, and based on the best information available to it at the time, the Company impaired the Valo Note to $Nil. The Transaction is now closed and Digicann has updated its accounting for the Valo Note accordingly.
No consulting, broker or finder’s fees were paid or are to be paid in association with the Transaction.