(Reuters) - Canadian marijuana company Aphria Inc APH.TO said on Friday it agreed to sell its minority stake in U.S.-based Copperstate Farms to Liberty Health Sciences Inc (LHS.CD) for C$20 million ($16.14 million).
Boards of Aphria and Liberty have unanimously approved the deal, which is expected to close in the second quarter. (reut.rs/2nEIvHA)
Aphria has been looking to hive off its business in the United States in the face of stringent federal cannabis laws.
In Canada, however, where marijuana laws are more relaxed, the company is rapidly expanding by way of acquisitions.
On Monday, the company said it would buy rival Nuuvera Inc NUU.V for C$826 million, anticipating a raft of medical cannabis approvals around the world in the coming years.
($1 = 1.2389 Canadian dollars)
Reporting By Aparajita Saxena in Bengaluru; Editing by Martina D'Couto