Cannasouth is purchasing the balance of the stake it does not already own in its cultivation joint venture business. The agreement is with Aaron Craig and his family interests, and will allow Cannasouth to acquire the remaining 50% stake in the joint venture Cannasouth Cultivation Limited.
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.
Earlier, Cannasouth Cultivation has completed a new cultivation facility. The company shared that the facility 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 our cultivation research facility."