PCLOF - This Latin American Cannabis Co. Plans To Expand In Thailand Amid Significant Shifts In Weed Regulation Landscape | Benzinga
PharmaCielo Ltd. (TSXV:PCLO) (OTCQX:PCLOF) revealed its plans to acquire cannabis operations in Thailand.
What Happened
On Wednesday, the Canadian parent of Colombia’s premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced it had signed a binding letter of intent to enter a proposed transaction to acquire 100% of the issued and outstanding shares of Siam Ventures Corporation in exchange for common shares of PharmaCielo equaling to CA$3 million ($2.2 million).
Under the deal, the sum will be payable on closing via the issuance of 13,636,363 PharmaCielo Shares to Siam Ventures' shareholders on a pro-rata basis.
The deal comes amidst significant shifts in Thailand’s cannabis regulation landscape. Recent developments indicate a potential rollback on recreational marijuana use, as Health Minister Cholnan Srikaew highlighted the government's hesitance to swiftly ban recreational cannabis, citing the need for broader consultations, as recently noted by Benzinga's Patricio Liddle.
Why It Matters
PharmaCielo said the acquisition of Siam Ventures, which provides contract manufacturing services through a subsidiary, will "act as a gateway to large Asian markets for PharmaCielo products."
“This proposed ...