The joint venture partner of Wellnex Life, OneLife Botanicals, has completed the acquisition of the Australian subsidy of Canada-based MediPharm Labs.
The agreement, announced in July, includes the MediPharm Labs Australia facility, specialised licensing, operational knowledge and Australian and New Zealand customers currently served from the facility.
Wellnex said the acquisition by its partner, for a minimum of A$6.9 million, will enable it to enter the Special Access Scheme market with product to be available by the end of 2022.
Cannabiz has approached Wellnex for further details.
In an update to the ASX, the company also said it has successfully raised $2 million through a share placement plan (SPP) that will help “progress the JV with OneLife Botanicals”. All directors have participated in the SPP
The firms are seeking registration of a schedule 3 over-the-counter product which it hopes to obtain by the end of 2023.
If and when the TGA approves the product, Wellnex will be issued with a 4% stake in OneLife.
Wellnex chief executive George Karafotias said: “We’re pleased to report our joint venture partner OneLife has now acquired MediPharm’s state-of-the-art medicinal cannabis facilities in Australia.
“Importantly, this acquisition puts Wellnex a step closer to obtaining approval for over-the-counter medicinal cannabis products under Schedule 3 classification. This opens up a new, untapped market for medicinal cannabis products that don’t require a prescription, and has considerable public demand.”
Wellnex is currently trading at $0.084c per share, up 3.7% on the day’s trading.
