Leading medicinal cannabis company, Cannasouth Limited has today entered into two conditional agreements to acquire the balance of the stakes that it does not already own in its cultivation and manufacturing joint venture businesses. Acquisition of outstanding interest in Cannasouth Cultivation Limited Cannasouth has entered into a conditional agreement with Aaron Craig and his family interests (Craig Family Interests) to acquire the remaining 50% stake in Joint Venture business Cannasouth Cultivation Limited that Cannasouth does not already own. Cannasouth Cultivation has built a state-of-the-art growing and processing facility that will produce medicinal cannabis flower biomass at a highly competitive production cost. It is energy efficient and more environmentally sustainable than indoor cultivation operations. The facility, designed to produce premium Good Agricultural and Collection Practices (GACP) and Good Manufacturing Practice (GMP) pharmaceutical compliant biomass, is now in the equipment installation and validation phase. It is anticipated that the new facility will have sufficient capacity to generate circa $8 million of revenues per annum (based on conservative current global pricing), subject to Cannasouth Cultivation securing commercial offtake agreements and completing quality certification.
420 Intel – Marijuana Industry News, 07/05/2021 20:00:00