A make-or-break deal for Jersey-based medicinal cannabis producer Northern Leaf to ensure its "survival" – by merging with Scottish CBD firm Voyager – has collapsed following failed fundraising efforts.
The merger's collapse has been described as "hugely disappointing" by Voyager founder and chief executive Nick Tulloch, in an announcement by the firm on the Aquis Stock Exchange.
The news comes after Economic Development Minister Kirsten Morel said the Island's medicinal cannabis industry was still on course to become a "significant" part of the economy – despite growers contending with high start-up costs and strict regulatory standards.
It could spell disaster for Northern Leaf, which previously warned shareholders that its board of directors would have "no choice but to consider ceasing to trade with immediate effect" if the merger was not completed on time.
Read more at jerseyeveningpost.com