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Creso Pharma to be purchased for $122 million

Australian cannabis company Creso Pharma is to be purchased by Canadian-owned cannabis producer PharmaCielo for $122 million.

The ASX-listed company announced on Friday that it had entered into a scheme implementation agreement and advised that shareholders will receive the equivalent of 63 cents per share in PharmaCielo’s TSX Venture Exchange-listed stock, a 51.8 per cent premium.

PharmaCielo is a fully licensed producer of medicinal cannabis oil products in Colombia and plans to produce CBD and THC oil extracts later this year.

Creso Pharma co-founder and chief executive Miri Halperin Wernli said shareholders will benefit from being part of a “best in class and well-capitalised global medicinal cannabis company.”

“The combined companies will offer a unique combination of assets and professional skills across the cannabis value chain,” Wernli said.

In April Creso said it received firm commitments to raise $5.35 million via a series of secured loans, to support the sales and marketing of Creso’s human and animal health CBD-based products in Europe and Canada and to repay approximately $1 million in debt.

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