A vertically integrated cannabis firm initially backed by former Canopy Growth boss Bruce Linton has been purchased by Uruguay’s pharmaceutical leader. Montevideo-based RAMM Pharma had taken a 49% stake in Sicily-based Canapar in December, last year, and has now agreed to purchase the outstanding shares for $26m. Canapar was formed by its current CEO Sergio Martines in 2018 after securing £15m from Canopy Rivers’ boss Mr. Linton. Mr. Martines will remain as Canapar CEO and will join the RAMM board. Canapar’s Sicilian facility is one of Europe’s largest capable of processing two tonnes of biomass a day. Pharma-Focus In a recent interview with BusinessCann Mr. Martines said: “Our goal since the beginning has been the pharmaceutical industry and this can take a long time. “RAMM was one of the first companies to register a CBD product at a pharmaceutical level that, for us, is a great thing. Both companies believe pharma is the way to go and our joint approach will take us deeper into the pharmaceutical space.”
Cannabis Business Executive – Cannabis and Marijuana industry news, 05/13/2021 07:29:00