Creso Pharma to be acquired by PharmaCielo

Company News

by Rachael Jones

Creso Pharma (ASX:CPH) is set to be acquired by PharmaCielo, a Toronto listed cannabis company.

PharmaCielo is a fully licensed producer of medicinal cannabis oil products in Colombia and is the largest cannabis producer in Colombia.

It has a current market capitalisation of approximately CAD$675 million.

The offer for Creso is $122 million at $0.63 per share.

The proposed acquisition will combine two complementary cannabis companies to create a well-capitalised, publicly traded company with a strong growth profile and significant strategic advantages.

Shares in Creso Pharma (ASX:CPH) are trading 30.95 per cent higher at 55 cents. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.