A deal which Cann Global (CGB) has been plotting for almost 10 months has collapsed, with shareholders now facing another lengthy wait before the future of the business becomes clear.
But it told exasperated shareholders today that the deal is off.
“That transaction, among others which CGB has since actively reviewed and sought to progress, did not satisfy regulatory hurdles, notwithstanding its assessed commercial merit,” it said in a statement.
Cann Global did not expand on the nature of the regulatory issues.
Following the collapse of the deal – the details of which were never disclosed – the company is now conducting due diligence on what it described as another “major opportunity for the company”.
But shareholders will have to remain patient for at least another five weeks.
“While CGB had expected this would be able to be concluded and announced prior to the expiry of the current voluntary suspension on June 30, further time will be required to complete the corporate, legal and regulatory elements of this process,” the company said.
“The directors are cognisant that this situation is causing frustration and thank our shareholders for their patience as we seek to secure the right project and transaction structure for the company’s future.”
Cann Global said it should be in a position to release further details on August 11.