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Australian Firm Buys Big Stake in Canadian Marijuana Grower

Submitted by Marijuana News on Mon, 03/09/2015 - 17:55

An Australian mining firm has purchased a substantial stake in a Canadian medical cannabis business for cash and stock options.

Capital Mining said it paid $7 million in cash plus $25 million in stock options for 49% of Broken Coast Cannabis, one of 14 cultivators that hold a distribution license in Canada.

The mining company also will buy Cannan Growers in its entirety for $250,000 plus $1 million in stock options. Both marijuana companies are based in British Columbia.

Capital Mining said it is the first publicly traded company on the Australian Stock Exchange (ASX) to own a direct stake in a Canada-based MMJ cultivation and dispensing venture. Another firm planning to grow MMJ in Israel became the first medical cannabis company to list on the ASX last December.

The investment will allow Broken Coast to double the current space it occupies to 26,000 square feet, almost triple...

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Region: 
Canada
Australia
URL: 
http://mmjbusinessdaily.com/australian-firm-buys-big-stake-in-canadian-marijuana-grower/

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