Just re-read today's Announcement. Some key points:
Column 1
1
- Non-binding heads of agreement between TWH and AusCann now also entered into a binding agreement to effect the acquisition.
- AusCann has agreed to issue a 15 per cent stake in AusCann shares in exchange for access to Canopy’s vast range of expertise and intellectual property in cultivation, manufacturing and supply of high quality medicinal cannabis.
2
Canopy:
- first publicly traded federally regulated cannabis producer in North America and remains the largest and most diversified.
- listed on the TSX Venture Exchange and enjoys a market capitalisation in excess of A$250,000,000.
- core brands are Tweed (https://www.tweed.com), the world’s most recognised cannabis brand, and Bedrocan Canada (https://www.bedrocan.ca) which produces and sells genetically standardised cannabis varieties.
- Canopy’s headquarters has been famously converted from an abandoned Hershey’s Chocolate Factory in Smiths Falls, Ontario. Together with two indoor production facilities and a large greenhouse, Canopy Growth operates more than 46,400 square metres of production capacity, making it the largest legal cannabis producer in the world.
3
Canopy Growth founder and executive chairman Bruce Linton will join the board of AusCann.
"As the Australian government begins to lay out a framework for legal medical cannabis, AusCann has the same opportunities and challenges that Tweed and its sister companies faced several years ago. We have confidence that the Australian medical cannabis market will grow similarly to Canada and we think the lessons we learned in our early days will prove invaluable to the team at AusCann.”
Board will include:
- Bruce Linton, Canopy Growth Executive who went through the emergence of legalisation in Canada and wants use that experience to do it again in Australia.
- Mick Palmer, former AFP Commissioner.
- Dr Mal Washer, former Liberal Party Member and was the contact for the Australian Parliamentary Group on Drug Law Reform (APGDLR) and was chair of the Alcohol and Other Drug Council of Australia.
- Hon. Cheryl Edwardes, former Liberal Shadow Minister for Education, Attorney-General, Family and Services Minister, Environment Minister, Shadow Minister for Planning, Labour Relations and Employment, Public Sector Management and Censorship, Manager of Opposition Business, retired from politics in 2005 (*takes deep breath*).
Honestly, could you have a better Board to legitimize and bring AUSCANN to market?
In saying that, this is just the beginning now. Long RTO timelines and hurdles begin NOW. But that is A-Team of Board Members/Management right thurr.
