MORRISVILLE – Pyxus International is getting out of the canabis business and will focus on its tobacco and e-liquid operations, the company announced Thursday evening.
“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, the firm’s CEO.
“”We maintain our belief that there is value in [Canada-based] 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.”
