Ramm completes acquisition of Italian cannabis company

RAMM Pharma has completed the acquisition of Canapar, for a total purchase price of approximately $26.2 million.

Based in Italy, Canapar's state-of-the-art extraction facility is one of the largest in Europe and has been custom designed to produce active compounds to be used in high-quality pharmaceutical, wellness and cosmetic products from its 1,000-hectare organic hemp production and processing platform. 

RAMM initially acquired a 49% stake in Canapar in December 2020 and invested $3 million in Canapar through a convertible note in January 2021.

"This is a transformational acquisition for RAMM as it further strengthens our presence as a leader in the European cannabis market with a prominent and differentiated global cannabis platform," stated Jack Burnett, Chief Executive Officer of RAMM.

"We are pleased to be advancing our successful relationship with RAMM. This acquisition will create additional opportunities for operational synergies and an increased ability to cross-leverage our respective expertise and product portfolios globally and access to growth capital," stated Sergio Martines, Chief Executive Officer of Canapar and proposed Director of RAMM.