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Australia: Another cannabis company set to list

Submitted by Marijuana News on Thu, 03/17/2016 - 08:58

Medicinal cannabis firm Auscann Group is set to be taken over by ASX-listed TW Holdings.

Another so-called pot stock is set to join the Australian share market.

Medicinal cannabis company AusCann has agreed to a takeover by ASX-listed TW Holdings, which had until now been managing wine operations.

TW Holdings intends to change its name to AusCann Group and raise $3 million to support its growth strategy.

TW Holdings made an annual loss of $302,000 in 2015, and indicated it was considering investment opportunities outside of the wine industry.

Amendments to the Narcotic Drugs Act in February have made it an opportune time for AusCann to expand its reach and access to capital markets, AusCann managing director Elaine Darby said.

The amendments allow the seriously ill to access medicinal cannabis products, and permit the growing of cannabis for medical and scientific purposes.

"Since 2014 we have been working towards establishing...

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