Medical cannabis company Creso Pharma (ASX:CPH) has completed the acquisition of 100 per cent of the shares in Kunna Canada.
By acquiring 100 per cent of the issued capital in Kunna, Creso has also indirectly acquired 100 per cent of Kunna’s Colombian registered subsidiary, Kunna S.A.S.
In 2017 the Colombian Ministry of Health granted this company a licence to produce, manufacture, market and export cannabis derivatives and products, using extracts in Colombia.
Additionally, in June 2018, Kunna Colombia was granted a licence to cultivate cannabis in Colombia.
Kunna Colombia intends to begin a full genetic and fertilisation research project and is progressing with its review of additional land for larger scale medicinal cannabis cultivation.
Shares in Creso Pharma (ASX:CPH) closed 2.94 per cent higher at $0.35 yesterday.