Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-03-22

Acquisition of MRX by Ananda Developments

Ananda Developments PLC issued an announcement with information about their next acquisition plan regarding MRX Medical. Ananda is a UK-based company. Their mission is to become a leading UK grower and provider of high quality, consistent, carbon zero, medical cannabis for the UK and international markets.

Ananda Developments and MRX Medical

The announcement contains several pieces of news: Ananda Developments is proposing to acquire MRX Medical, a Canadian company that produces medical cannabis products. Ananda is also planning to raise £326,200 through a subscription of shares. It includes 10,876,666 new ordinary shares at a price of £0.03 per share. The funds raised will support the acquisition of MRX Medical and for general working capital purposes. Moreover, Ananda is proposing to acquire all of the issued and outstanding shares of MRX Medical. The consideration of CAD $300,000 (approximately £174,000).

Additionally, there will be changes to the Ananda board of directors. These include the appointment of a new chairman and the resignation of a current director. Specifically, it announces that Charles Morgan will beceome the new Non-Executive Chairman. Moreover, Melissa Sturgess will step down as a director. These changes are being made as part of Ananda’s efforts to strengthen its board and leadership team.

Ananda’s acquistions in the past

Ananda Developments has made several acquisitions in the past. First example is DJT Plants Limited. In 2018, Ananda acquired 100% of the share capital of DJT Plants Limited, which operates a facility for the cultivation and processing of cannabis plants in Israel. The acquisition was part of Ananda’s strategy to establish itself as a leader in the global medical cannabis market. Another example is iCAN Israel-Cannabis Ltd. In 2019, Ananda acquired a 15% stake in iCAN Israel-Cannabis Ltd, which is a cannabis incubator and investment platform based in Israel. The acquisition gave Ananda access to iCAN’s network of cannabis entrepreneurs, researchers, and investors. We can also mention Liberty Herbal Technologies Ltd. In 2019, Ananda acquired Liberty Herbal Technologies Ltd, which is a Canadian company that has developed a patented process for extracting and purifying cannabinoids.

The acquisition gave Ananda access to Liberty’s technology and expertise in the extraction and processing of cannabis products. In overall, the acquisition is part of Ananda’s strategy to expand its business in the cannabis industry. MRX Medical has developed a range of medical cannabis products and has a license to cultivate and process cannabis in Canada. Ananda believes that the acquisition will enable it to accelerate its growth in the medical cannabis market and enhance its product offering.

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