Releaf Group Ltd’s wholly owned subsidiary Releaf Manufacturing Pty Ltd has inked an agreement to acquire 51% interest in licensed cannabis manufacturer Perfect Capital Investments Pty Ltd (trading as Cannoz) – with further option to acquire the 49% balance.
Releaf Group, which plans to IPO in late 2021, is the first legal Clinic and Dispensary Cannabis Franchisor in Australasia and an APAC Cannabis franchise pioneer.
With the acquisition, Releaf is poised to become a leading vertically integrated cannabis provider with end distribution in the region.
Releaf claims the agreement will further strengthen its distribution supply chain to process medicinal cannabis products and supply local and international dispensary chains, while supporting the company’s export division.
“This is an exciting acquisition and positions the company to become a globally recognised large scale manufacturer of medicinal cannabis product lines, that may also provide Releaf with a distinct pricing advantage in APAC supplying internally to Releaf Dispensaries,” said Gary Mackenzie, CEO of Releaf Group.
Mackenzie added that the pricing advantage will allow Releaf to lower the cost of its prescription relative to existing market prices.
“It is an exciting opportunity for Cannoz to become part of a larger cannabis group and assist in the processing and delivery of quality Australian products within the Releaf Group supply chain”, said Rupin Aggarwal, Director of Cannoz.
