Creso seeks shareholders’ approval for Columbian Kunna acquisition

  • Sep 14, 2018 AEST
  • Team Kalkine
Creso seeks shareholders’ approval for Columbian Kunna acquisition

Cannabis company Creso Pharma Limited ( ASX: CPH ) announced the notice of general meeting which is to be held on 16th October 2018, at West Perth, Australia. It is to receive shareholder’s approval for completing the acquisition transaction with Kunna Canada Limited along with its Columbian wholly owned subsidiary Kunna S.A.S.

There have been several international Cannabis companies making an effort to pierce into Latin America market. Following this global trend of Cannabis companies, Creso moved to first execute the acquisition transaction with medicinal cannabis group Kunna Canada Limited in July 2018. 

With this acquisition Creso becomes the only Australian-listed medicinal cannabis company that has the license to cultivate medical cannabis in Columbia and a direct exposure to Columbian market. This takeover is anticipated to result into the export of 40.5 tons and above of medicinal cannabis oil by 2019.

Creso Pharma is expected to complete the Kunna acquisition by mid-October 2018, subject to shareholder’s approval.

In an unaudited consolidated financial statement for the six-month ended 30 June 2018, the company posted net loss and comprehensive loss of US$94,379 compared to US$88,039 in previous corresponding period. As at 30 June 2018, unaudited balance of cash was $30, 292. CPH share price has gone up by 2.679% to $0.575 on 14 September 2018 (2:28 PM AEST). The stock has seen the performance change of -1.75% over the past one year.

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