The Board of Cannasouth Limited (NZX: CBD) announced today it had entered into an agreement to acquire a 60 per cent shareholding in Hawkes Bay-based Midwest Pharmaceutics NZ Limited for a purchase price of $1.32 million.
• Cannasouth expands with acquisition of an initial 60% stake
in Midwest Pharmaceutics NZ Limited (Midwest).
• The acquisition will accelerate Cannasouth’s development of
its medicinal cannabis business in New Zealand and will
provide immediate revenues from the date of acquisition.
• The acquisition will add significantly to the suite of
licences that can be utilised by the Cannasouth group.
• The acquisition complements the recent joint venture
entered into with Mr Aaron Craig to form Cannasouth
Cultivation Limited for the development and cultivation of
medicinal cannabis in the Waikato region.
• The acquisition significantly progresses the Company’s key
vertical integration strategy “from seed to sale”.
Please see the Market Announcement for full details.
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