Medicinal cannabis firm Cannasouth is proposing to buy Bay of Plenty-based competitor Eqalis for $48.8 million in a deal that their executives say will improve patient access to cannabis products.
The hashing of the two companies is said to be a 50:50 merger, where they will share resources for research and development, sales and prescriptions.
“Both Cannasouth and Eqalis share the same values when it comes to delivering positive health outcomes to patients. Through collaboration, we can speed up the advancement of technology to bring medicines to market faster,” Cannasouth chief executive Mark Lucas said in a statement. “Together, Cannasouth and Eqalis will have a greater ability to lead and shape the New Zealand industry and reduce costs to patients.”
“We know the most significant barrier to medicinal cannabis for many Kiwis is affordability,” Eqalis chief executive Greg Mission said. “As a combined entity, we’re investing in the diversification and eliminating duplication to lower the price of medicinal cannabis for patients.”
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