Monday, 5 July 2021, 9:58 am
Leading medicinal cannabis company, Cannasouth Limited
has today entered into two conditional agreements to acquire
the balance of the stakes that it does not already own in
its cultivation and manufacturing joint venture
businesses.
Acquisition of outstanding interest in
Cannasouth Cultivation Limited
Cannasouth has entered
into a conditional agreement with Aaron Craig and his family
interests (Craig Family Interests) to acquire the remaining
50% stake in Joint Venture business Cannasouth Cultivation
Limited that Cannasouth does not already
own.
Cannasouth Cultivation has built a
state-of-the-art growing and processing facility that will
produce medicinal cannabis flower biomass at highly
competitive production cost. It is energy efficient and more
Photo: 123RF
The company says it has signed a $3.54 million deal to buy the remaining 50 percent of shares in Cannasouth Cultivation, currently a joint venture with Aaron Craig and his family interests.
Cannasouth Cultivation owns a growing and processing facility for medicinal cannabis, which has reached the stage of having its equipment installed and checked. There is strong global demand for premium pharmaceutical quality cannabis flower, said Cannasouth chief executive Mark Lucas. The timing of the acquisition will bring all future revenues to be derived from the cultivation facility into the Cannasouth Group s P&L. It also enables the company to control all aspects of the cultivation operation.
Press Release – Cannasouth Leading medicinal cannabis company, Cannasouth Limited has today entered into two conditional agreements to acquire the balance of the stakes that it does not already own in its cultivation and manufacturing joint venture businesses. Acquisition of …
Leading medicinal cannabis company, Cannasouth Limited has today entered into two conditional agreements to acquire the balance of the stakes that it does not already own in its cultivation and manufacturing joint venture businesses.
Acquisition of outstanding interest in Cannasouth Cultivation Limited
Cannasouth has entered into a conditional agreement with Aaron Craig and his family interests (Craig Family Interests) to acquire the remaining 50% stake in Joint Venture business Cannasouth Cultivation Limited that Cannasouth does not already own.