Cann Be Pals Say Aussie Shareholders

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.

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