Cannasouth fails to cultivate shareholder support

The cannabis firm's mop-up deal falls $1.3m short. (Image: Supplied)

Fri, 01 Oct 2021

Cannasouth has fallen short of raising the $6 million it needs to buy out its cultivation joint venture, raising a total of just $4.7m and scuttling the proposed acquisition.On July 5, the NZX-listed medical cannabis company announced it had entered into conditional agreements to acquire the outstanding 50% in Cannabis Cultivation for $3.5m, held by Kapiti businessman Aaron Craig, as well as the remaining 40% in Midwest Pharmaceuticals for $1m.By early Aug, the initial retail offer had raised $4.5m through the issue of 11.25m shares at 40 cents...

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