On June 24, 2022, PODA Holdings, Inc. (CSE: PODA) (the “Company”) and it’s patent owners (the “Owners”) sold to Altria Group, Inc. (NYSE: MO) the Company’s business consisted of developing, manufacturing and marketing ‎multi-substrate heated capsule technology, including, without limitation, the Owners’ patents related to such technology and the Company’s exclusive, perpetual license of certain of those patents for a total purchase price of US$100.5 million.

The Owners were represented by a Farris transaction team that included Denise Nawata and Kurtis Harms (M&A) and Mark Chu (Tax).

The Company’s multisubstrate heated capsule technology uses proprietary biodegradable single-use capsules. The design of the technology prevents cross-contamination between the heating devices and the capsules, which eliminates cleaning requirements and provides users with a convenient and enjoyable experience. The Owners’ technology is fully patented in Canada and is patent pending in over 60 additional countries.

For more details of the transaction, see the news release here.