28th Mar 2022 11:08
(Alliance News) - Summerway Capital PLC on Monday said it completed the acquisition of medical-cannabis firm Vertigrow Technology Ltd, or Celadon Pharmaceuticals.
Summerway added that a name change to Celadon Pharmaceuticals PLC will become effective on Tuesday.
It acquired Vertigrow for GBP80 million. It funded the deal through an issue of 48.5 million shares at 165 pence each.
Celadon's focus will be the research, cultivation, manufacturing and supply of cannabinoid-based medicines, its predecessor company said. Before that, Summerway Capital was a company investing in household and consumer goods sectors.
Summerway noted that at full capacity, its facility could supply up to 50,000 patients and also has the potential to generate GBP90 million in annual revenue.
Shares in Summerway were 6.3% lower at 148.00 pence each in London on Monday afternoon.
By Tom Budszus; [email protected]
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