CannaPacific remains in talks with potential buyers of its NSW cultivation operation as its chief executive insisted the firm will continue “in a much stronger position”.
Joshua Dennis said the company is “courting a few people” who are exploring the possibility of acquiring the facility.
Dennis confirmed in June that he and his fellow directors were looking to divest the cultivation operation to concentrate on developing a pharmaceutical cannabinoid drug.
But nothing concrete has materialised.
Its website has also since vanished, with Dennis explaining he had allowed it to lapse while the sale process continued.
“We are courting a few people at the moment and still working through a bit of a play,” he told Cannabiz. “We haven’t signed any contracts as yet but things are afoot and we’re moving in the right direction to consolidate with a couple of people. So it’s all positive, but it is a long road and we’re trying to bring it to a head.”
CannaPacific has also put its pharmaceutical programs – which it runs through subsidiary business e3D Pharma – on hold.
Asked about the future of CannaPacific, Dennis said: “100% it will continue. I can see very clearly that the company will continue in a much stronger position.”
