Aleafia Health (TSX:ALEF,OTCQX:ALEAF) announced an increase to its investment in Australian-based licensed cannabis producer and researcher CannaPacific.
As quoted in the press release:
Aleafia Health further invested AU$540,000 in ordinary shares of CannaPacific in connection with CannaPacific’s AU$4,500,000 capital financing.
The strategic investment immediately follows the closing of CannaPacific’s acquisition of a 108,000 [square feet] greenhouse located in the iconic Byron Bay region of New South Wales, Australia. The greenhouse facility will be used for cannabis cultivation grown for eventual sale to medical patients and global export. CannaPacific’s management is composed of veterans of medicine, pharmaceutical manufacturing and sales, oncology, hospital management, plant science and cannabis cultivation.
“With an experienced management team, major cultivation assets, along with Aleafia Health’s cross platform expertise in clinic operations, product development and online sales, CannaPacific is poised to seize on its early mover advantage in the Australian medical cannabis market,” said Aleafia Health CEO Geoffrey Benic.