Pot stocks have had an active start to the week, announcing a variety of global agreements and acquisitions as local operators turn their minds to overseas markets.
Hemp nutriceuticals producer Elixinol Global has told investors it is buying German CBD products maker CannaCare for an upfront payment of €9 million – €3 million cash and €6 million in Elixinol shares.
That agreement will see Elixinol gain access to European chemist channels for health products containing CBD.
Meanwhile, cannabis treatments developer Creso Pharma says it’s buying Canadian psychedelics operator Halucenex for $500,000 in cash and more than 29 million shares.
The deal will position Creso as the major psychedelics-focused treatment developer on the ASX, focused on creating mental health treatments using synthetic psilocybin.
Elixinol shares closed at 20c on Friday having started 2021 off at 18c. Creso shares closed at 21c last week, also starting the year at 18c.
Elsewhere, Cannabis small-cap ECS Botanics says it’s on track to bank $6 million after receiving commitments for a $4 million institutional placement, as well as opening up a $2 million share purchase plan at a price of 5c a share.
The medicinal cannabis maker will be using the funds to close out its purchase of producer Murray Meds, as well as “provide us with additional working capital during our busiest period ever as we pursue overseas market opportunities,” managing director Alex Keach said.
Shares in ECS closed at 6c on Friday. In the last quarter the firm made $383,000 in revenue and burned $253,000.