Cannasouth has entered into two conditional agreements to acquire the remaining stakes of its cultivation and manufacturing joint venture businesses as to take full ownership of the assets.
The acquisition of 50% of Cannasouth's joint venture will cost the New Zealand grower $3.54 million.
At the same time, with another million dollar deal, Cannasouth is acquiring the remaining 40% stake in product manufacturer Midwest Pharmaceuticals.
Cannasouth Chief Executive Mark Lucas says “There is strong global demand for premium pharmaceutical quality cannabis flower. 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. Cannasouth would like to take this opportunity to thank the Craig Family interests for their support and expertise as a valued joint venture partner in developing the innovative cultivation facility to such a high standard in a cost-effective manner”
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