Tuesday 30th November 2021
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Cannasouth Limited (NZX: CBD ) (“Cannasouth” or “the Company”) is pleased to announce it has entered into an unconditional agreement to acquire the balance of the stake it does not already own in its cultivation joint venture business.
The unconditional agreement is with Aaron Craig and his family interests (Craig Family Interests) to acquire the remaining 50% stake in the Joint Venture, Cannasouth Cultivation Limited (Cannasouth Cultivation), together with all shareholder loans advanced by the Craig Family Interests to Cannasouth Cultivation.
This arrangement supersedes the lapsed agreement previously entered into with the Craig Family interests in July 2021.
Cannasouth Cultivation has built a state-of-the-art growing and processing facility which will produce medicinal cannabis flower biomass at a highly competitive production cost, is energy efficient, and more environmentally sustainable than indoor cultivation operations. The facility is designed to produce premium Good Agricultural and Collection Practices (GACP) and Good Manufacturing Practice (GMP) pharmaceutical compliant cannabis biomass capable of meeting the highest global quality standards. The facility has recently completed the construction and commissioning phases, has been deep cleaned and is now ready to begin the first commercial crop with plants now being transferred from the Company’s cultivation research facility.
The settlement date for the acquisition is 30 November 2021.
The completion of this transaction means Cannasouth now wholly owns all group entities after completing the acquisition of the outstanding 40% shareholding in Midwest Pharmaceutics NZ Limited in August 2021.
This is a significant milestone in Cannasouth’s strategy to become a fully integrated seed to sale medicinal cannabis business.
Corporate and capital markets advisory firm, CM Partners, advised Cannasouth with the acquisition.
Please see the link below for details
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