Medicinal cannabis and industrial hemp firm ECS Botanics has signed a binding term sheet to acquire medical cannabis cultivator Murray Meds (MM).

Murray Meds has a fully licensed medicinal cannabis cultivation and manufacturing facility in Victoria with permits to cultivate and produce 3,500 grams of medical cannabis and a Cultivation, Research and Manufacturing Licence from the Australian Office of Drug Control.

It also holds a TGA GMP manufacture licence for dried flower, oils and tinctures.

The Murray Meds cultivation facility in North Western Victoria harvested and packed 350kg of dried flower in this growing season.

Under the terms of the deal, ECS will own 100% of the issued capital in Murray Meds Pty Ltd and Flowerday Farms Pty Ltd.

ECS managing director Alex Keach said: “MM and ECS share a view on industry methods and a vision for the future. As a combined group we are positioning to become the largest and most geographically diversified cannabis producer in Australia.”

Murray Meds managing director Nan-Maree Schoerie added: “Both organisations are very grounded in their approach to delivering affordable medical cannabis as naturally and sustainably as we can, with shared values and an inherent drive to deliver for patients and shareholders.”