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Home 🌿 Marijuana Business News 🌿 International Goldfields completes Winter Garden due diligence 🌿International Goldfields completes Winter Garden due diligence
International Goldfields (ASX:IGS) has hit a key milestone, completing due diligence for the acquisition of an 85% interest in Uruguay cannabis biosciences company Winter Garden Biosciences.
The company will now finalise formal documentation associated with the transaction before seeking shareholder approval and issuing a prospectus to raise funds.
Uruguay is the first nation in the world to fully legalise at the federal regulatory level the research & development, as well as cultivation, distribution, sale and consumption of non-synthetic cannabinoids and hemp.
Earlier this month, Winter Garden was awarded a range of key permits, licences and authorisations from the Uruguayan government.
It also took delivery of its first 1,000 kilograms of seed and commenced planting of its maiden crop and preparation for control work in greenhouses.
David Tasker, International Goldfields director, commented:
“We are pleased, following a very detailed legal, accounting and...
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