AusCann Group Holdings Ltd (AU:AC8) has released an update.
AusCann Group Holdings Ltd has signed a non-binding term sheet with European cannabis manufacturer ECCPharm, outlining plans to merge via a share exchange scheme. AusCann has funded ECCPharm in the past and views this acquisition as a strategic move to capitalize on the growing European medical cannabis market, particularly in Germany. ECCPharm boasts a fully integrated cultivation and extraction operation in Macedonia, and the proposed acquisition is subject to shareholder and court approval.
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