Monday 5th July 2021
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Cannasouth Limited is pleased to announce it 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.
1. 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, for an aggregate purchase price of $3,540,000.
2. Acquisition of outstanding interest in Midwest Pharmaceutics NZ Limited
Cannasouth has entered into a conditional agreement with Mark Balchin and Greenmeadows Health Limited (“Midwest Vendors”) to acquire the remaining 40 per cent shareholding in Hawkes Bay-based Midwest Pharmaceutics NZ Limited (Midwest) that it does not already own, together with the shareholder loans made by the Midwest Vendors to Midwest for an aggregate purchase price of $1,026,000. CEO of Midwest, Mark Balchin, will continue as Chief Manufacturing Officer for the Group.
Cannasouth Proposes to undertake a Capital Raising to Fund the Acquisitions. The Company is currently finalising its capital raising strategy and will release details to the market in due course.
Please see the link below for details
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