Hygrovest (HGV) has said it is working with Southern Cannabis Holdings (SCH) to “produce a liquidity event in the next 12 months” as it continues to diversify its portfolio away from cannabis.
The ASX-listed specialist investment company holds 21m shares in SCH, representing around 17% of its issued capital.
In its November 2022 Investment Portfolio Report, HGV said companies in its portfolio have continued to report better-than-expected financial results since the start of FY23.
It said: “The main drivers of the financial performance in the year to date were the recovery in listed Australian and Canadian cannabis investment markets and the positive impact on HGV’s two main investments, Weed Me and Southern Cannabis Holdings.”
The company added SCH, which owns Freshleaf Analytics, CA Clinics and Applied Cannabis Research, is diversifying its products to continue sales growth in FY23.