Dutch grower Fyta, who was selected as one of the participants to the Closed Coffee Shop Chain Experiment, is selling their indoor facility that was supposed to be for medical cannabis production, and will now fully focus on growing adult-use cannabis for the Dutch experiment.
Financial Restructuring
According to the company's press release, the financial collapse of the Centrum Group, which FYTA financially supported, has caused one of the shareholders to proceed with the execution of a third-party mortgage. This concerns a mortgage right that FYTA provided as security for a debt of the Centrum Group to one of the other shareholders.
Focus on Growth in Recreational Cannabis Cultivation
It was expected that FYTA would obtain an exemption for the cultivation of medicinal cannabis in the short term. This would finally allow a Dutch grower, in addition to Bedrocan, to supply the European market with medicinal cannabis. The sale of the building on Veerweg will mean that FYTA will put its ambition as a medicinal grower on the back burner. However, it provides the financial resources and clout to fully focus on recreational cultivation and establish itself as a core player in the market for recreational cannabis cultivation.
For more information:
Fyta
Veerweg 12, 5145 NS WAALWIJK
+31 416 237 000
info@fyta.group