Biz News Australia reported yesterday
CannPal Animal Therapeutics (ASX: CP1) shareholders voted overwhelmingly in favour of allowing cannabis company AusCann (ASX: AC8) to acquire the company for $17.5 million at a meeting yesterday.
If the Supreme Court of Western Australia gives the merger the green light the deal will be done, seeing the two companies become a combined entity and giving CannPal more resources to accelerate growth.
Importantly, CannPal hopes the merger will give them the financial resources and expertise to boost the commercialisation of its cannabis-based animal health products.
Meanwhile, competitor cannabis companies have had their own wins today, with Little Green Pharma (ASX: LGP) securing $5 million in a share purchase plan, and Creso Pharma (ASX: CPH) announcing a major distribution deal for its products.
Under the deal, CP1 shareholders will see their shares acquired for $0.18 per share.
CannPal shareholders will also be offered 1.3 new fully paid ordinary shares in AC8 for every fully paid ordinary share currently held.