ASX-listed Australian cannabis start-up Creso Pharma has announced Canopy Growth founder Bruce Linton as a strategic advisor for the business.
Linton took Canopy Growth from early 2010s start-up to a business listed on the New York and Toronto Stock Exchanges and a market cap that peaked at US$15 billion. He also guided Canopy Growth through its 2015 merger with Bedrocan Canada.
Linton will join Creso Pharma’s Swiss subsidiary Creso Pharma Switzerland GMBH.
Described by Creso as “a unique cannabis executive”, he has publicly stated he doesn’t see the future of cannabis in the high THC/CBD market. Creso has been developing low THC cannabinoids aimed at reducing stress, rather than high THC cannabinoids used primarily for recreation in the North American market.
Creso Pharma group CEO, co-founder and executive director Dr Miri Halperin Wernli said Linton would bring a “wealth of invaluable knowledge” to their team, alongside a “deep network of cannabis industry contacts”.
“We continue to target international distribution agreements in a number of new markets and progress product development initiatives that will unlock considerable shareholder value,” she added.
Meanwhile, the company has secured firm commitments from investors to raise nearly A$9 million to repay debts and accelerate growth across its human and animal health CBD product lines.
It will issue around 309 million fully paid ordinary shares at 2.91 cents each, with institutional, professional and sophisticated investors committing A$7.992 million and A$1 million from Creso Pharma chairman Adam Blumenthal, subject to shareholder approval.