Canopy Growth Raises Stakes in AusCann

AusCann Group Holdings Ltd (ASX:AC8) substantial shareholder Canopy Growth Corporation has lifted its interest in the cannabinoid pharmaceuticals developer to 13.28%.

This came about on June 10 when the Ontario, Canada-based investor exercised more than 7.677 million options at 20 cents each for consideration of in excess of $1.535 million.

Canopy, through its Australian subsidiaries – Canopy Growth Australia Pty Ltd, Canopy Growth APAC Holdings Pty Ltd and Canopy Growth Farms Australia Pty Ltd – now holds more than 42 million shares.

AusCann is targeting the treatment of chronic pain in Australia while exploring global export opportunities and expansion into additional medical areas.

Last month the company's new CEO Ido Kanyon took up his new position following a comprehensive international executive search conducted by the board.

With more than 15 years of experience in pharmaceutical and medical device businesses, Kanyon has launched innovative medicines globally covering a range of commercial strategies from digital health solutions to innovative biologics.

At the time he said: "I am excited to have formally joined the team at AusCann.

 

"I see tremendous opportunity for AusCann to lead in the delivery of cannabis-based pharmaceutical solutions that are endorsed by physicians and address the needs of patients who are suffering from inadequately treated medical conditions. The company has built a strong platform on which we will continue to grow."

– AusCann CEO Ido Kanyon

 

Kanyon added: "We have begun a comprehensive review of our strategic priorities, which will help us tailor our operating plans to ensure we deliver the positive healthcare outcomes and shareholder returns we are seeking."

AusCann remains on track to deliver its hard-shell capsules to the market for clinical trials during 2019.

Shares today are trading at 36.5 cents, up almost 3% on yesterday's close.

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Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

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