CBD company CiiTECH has been sold to fellow UK-based cannabis company Tenacious Labs for £210,000.
In July 2021 CiiTECH raised £2.1m to fund its listing on the London Stock Exchange with a slated value of £17.5m.
However, after two loss-making years it fell into administration on October 22, 2022, and on February 16, this year, it was sold to Tenacious Halfway – a subsidiary of Tenacious Labs – for £210,000.
Administrators Leonard Curtis said it had received 46 expressions of interest in buying the assets of the business, which resulted in five offers with Tenacious making the highest bid.
Nick Morland, CEO and co-founder of Tenacious Labs, told Business of Cannabis: “CiiTECH was in the same situation as a couple of dozen good businesses. The irony is that they got hit the hardest as they were busy on the next step (an LSE listing).
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