Goodleaf Company is merging with
Highlands Investments in a deal valued at almost R650 million ($50 million), Benzinga has learned exclusively ahead of an official announcement.
The combination of Goodleaf, the leading retail brand in South Africa, and Highlands, formerly
Canopy Growth (NASDAQ:CGC)
Africa, will result in the creation of the largest vertically integrated cannabis operation in Africa. The combined entity boasts more than $25 million in investments in the continent to date.
Under terms of the deals, shareholders of Highlands Investments will own 35% of the combined entity, while Goodleaf stockholders will own a 65% stake.
“We are delighted to have successfully concluded this merger, and in doing so created Africa’s first truly seed-to-sale offering,” said Warren Schewitz, founder and CEO of Goodleaf. “It has always been our intention to create a world-class global brand, and as we achieve scale, it is essential to ensure we have access to high-quality s
By Javier Hasse and Eric TerBush.
MPX International Corp (OTC: MPXOF) recently announced entrance into an agreement with South African producer First Growth Holdings Ltd. that will lead to the acquisition of a 51% interest in the company.
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Independent Entity With Canopy Roots Launches Contract Farming in Lesotho cannabisculture.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cannabisculture.com Daily Mail and Mail on Sunday newspapers.
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CAPE TOWN, South Africa, Jan. 20, 2021 /PRNewswire/ Canna-Tract is Africa s first cannabis contract cultivation offering. Canna-Tract provides clients looking to grow commercial volumes of medical-grade cannabis the ability to do so without having to obtain a licence or invest the significant capital required to ensure medical grade product. We believe that our cost per hectare model will result in one of the lowest cultivation costs per gram today, says Highlands Investments Managing Director, Mark Corbett.
With its exceptional growing climate and low production cost, Lesotho is an ideal place to grow commercial volumes of cannabis. In 2017, Highlands Investments (formerly Canopy Growth Africa) was granted one of the first and largest licences by the Lesotho government to cultivate, manufacture, supply, import and export medical cannabis products including flower, oil, distillate and isolate.
Medicinal marijuana. Picture: iStock
There are mixed feelings in the South African cannabis industry after the World Health Organisation (WHO) made a series of recommendations, including rescheduling it for medicinal use. On 2 December, the Commission on Narcotic Drugs (CND) took a number of decisions on the international control of cannabis and cannabis-related substances after the WHO recommendation to delete cannabis and cannabis resin from Schedule IV of the 1961 convention. Rastafarian lawyer and activist Gareth Prince said the finding was not significant for South Africa, as the country’s approach was more advanced. “Rescheduling has already taken place in SA. We have rescheduled it.