Northern Leaf has agreed to a £3.7 million merger with Scottish CBD firm Voyager in a move that the Jersey-based medicinal cannabis producer hopes will ensure its "survival."
The merger represents a crucial deal for the company, which previously warned shareholders that – if the merger was not completed in a timely manner – its board of directors would have had "no choice but to consider ceasing to trade with immediate effect".
In documents sent to shareholders seeking their consent for the merger and seen by the JEP, Northern Leaf said this was because there would have been "no realistic prospect of avoiding a heavily insolvent liquidation."
The company, which is now valued at £3.7m, has invested £30m in building a 100,000sq-ft cultivation and processing facility, according to reports last year.
Read more at: www.jerseyeveningpost.com