Releaf Group has agreed to take a majority stake in a planned luxury cannabis wellness retreat just outside Byron Bay.
The premium-priced retreat, called Zol Wellness, will feature water views, a restaurant, and be open to singles and couples for day sessions and longer stays.
Releaf said medicinal cannabis patients will be able to consume on site, with access to medical professionals focusing on general wellness, sleep, pain and anxiety and available to answer questions about the plant and dosage recommendations.
The company added Zol Wellness would provide it with a new medical tourism franchise product that could be marketed in new and emerging cannabis tourism territories such as New Zealand, Fiji and Thailand.
It has entered into a commercial arrangement to own 51% of the enterprise.
CEO and founder Gary Mackenzie said: “The company is extremely excited… to be entering into this strategic partnership to launch Zol Wellness, the first cannabis wellness centre in the APAC region.
“The partnership also provides Releaf Group with bricks and mortar assets that strengthen the company’s balance sheet as we progress towards a planned IPO.”
Zol Wellness said in a statement: “We are pleased to announce our collaboration with Releaf Group and the luxury cannabis wellness resort in the Byron Bay hinterland. The community and region will benefit greatly from our partnership.”
Meanwhile, Releaf has appointed Brian Renwick as a non-executive director.
A former PwC accountant, Renwick built a career in the pharmaceutical industry at Bristol-Myers Squibb, Symbion, Ascent Pharma Health and Pharmeasy.
He has extensive experience in corporate governance, organisational risk and assurance, financial reporting, and strategic business development.
He is currently a non-executive director of Jayex Technology, a tech business operating in the healthcare sector which successfully undertook an IPO in 2015, and Bioarc, an unlisted, early-stage cannabis business focussed on research and development.
Releaf Group chair Jodie Leonard said: “Brian brings a wealth of experience, and we have no doubt he’ll be an invaluable addition to the board, particularly as we prepare to undertake an IPO and support the team in fulfilling the company’s vision.”