Health care services provider GreeneStone Healthcare Corporation (OTCQB: GRST) today announced a string of strategic moves designed to strengthen the company’s balance sheet and position it for sustainable growth in the U.S. health care market. First, GreeneStone acquired Cranberry Cove Holdings, which owns the real estate used by GreeneStone’s addiction treatment facility in Muskoka, Ontario. Next, the company sold the operational assets of its Muskoka clinic for a total consideration of CDN$10 million. Through its newly-acquired subsidiary, the company will continue to own and lease the clinic building moving forward. Finally, on February 13, 2017, GreeneStone closed on the acquisition of the business and real estate assets of Seastone addiction treatment center in Delray Beach, Florida. Shawn Leon, president and CEO of GreeneStone, noted the benefits of these strategic moves in the news release. “We have been able to eliminate debt that was accumulated during the building of the Canadian business in 2012 and 2013, and we will benefit from a stable cash flow generated by rental income from the lease of the Muskoka clinic while we build the business in Florida,” he stated.
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About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (OTCQB: GRST) operates in the behavioral healthcare space, specifically in the treatment of substance use disorders. GreeneStone developed a unique style of treatment over the last six years and has had much success with in-patient treatment for adults. Greenestone will continue to develop its programs with its expansion into the United States. For more information, you can visit our website at www.greenestoneclinic.com and www.greenestone.net.
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