Robert Celt
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Australian company International Goldfields will acquire an 85% interest in Uruguayan biosciences company Jardin de Invierno SA, trading as WinterGarden Biosciences.
WinterGarden is an emerging agriculture bioscience and biotechnology company based in Uruguay, aiming to become one of the first companies in the world to legally harvest and produce non-synthetic cannabis products for the mass-market.
International Goldfields will issue $8,000,000 in shares to WinterGarden, or 51% of the issued capital post completion of the transaction and associated capital raising, whichever is greater.
WinterGarden will also be issued options in International Goldfields representing 10% of the issued capital.
At completion WinterGarden will also be able to appoint three nominees to the International Goldfields board, with two existing directors of the company remaining.
Uruguay is the first nation in the world to federally legalise research and development, cultivation, sale and consumption of non-synthetic cannabinoids. Winter Garden, which possesses a plantation site, corporate headquarters and a laboratory in Uruguay, is able to take advantage of these new laws and regulations to become one of the first companies in the world to legally develop cannabis products.
According to WinterGarden, Federal Uruguayan laws not only facilitate the legal use and research of cannabis, but also provision the use of cannabinoids containing a higher percentage of Tetrahydrocannabinol (THC), which is the psychoactive substance found within cannabis. Globally, growth and research on cannabis with a THC content of more than .03% is prohibited, which WinterGarden believes has altered every aspect of the plant to the point that it offers almost no useful research benefits. They say that as a result only synthetic plants can be utilised for research and these are ineffective and inadequate for both research as well as pharma-grade medical applications.
WinterGarden is seeking to grow, research and produce cannabis plants containing a THC content of 1%. The higher THC content will assist Winter Garden to develop products that will provide clinical relief for a variety of neurological ailments. The ailments they claim which could be improved by medicinal cannabis products are wide-ranging, from depression and post-traumatic stress disorder to anti-inflammation and neuropathic pain.
As part of the requirements of completion International Goldfields is looking to raise a minimum of $2,000,000 through the issue of shares, with minimum net proceeds to the company of $1,000,000 at completion.
International Goldfields director David Tasker said the two company's are now finalising strategic funding needs for Wintergarden and transaction completion. These discussions are at an advanced stage, and while confidential and incomplete, IGS expects to finalise them in the coming weeks.
Originally published as IGS confirms Uruguayan cannabis deal
News Moderator: Robert Celt 420 MAGAZINE ®
Full Article: IGS Confirms Uruguayan Cannabis Deal
Author: AAP
Photo Credit: Elaine Thompson
Website: news.com.au
WinterGarden is an emerging agriculture bioscience and biotechnology company based in Uruguay, aiming to become one of the first companies in the world to legally harvest and produce non-synthetic cannabis products for the mass-market.
International Goldfields will issue $8,000,000 in shares to WinterGarden, or 51% of the issued capital post completion of the transaction and associated capital raising, whichever is greater.
WinterGarden will also be issued options in International Goldfields representing 10% of the issued capital.
At completion WinterGarden will also be able to appoint three nominees to the International Goldfields board, with two existing directors of the company remaining.
Uruguay is the first nation in the world to federally legalise research and development, cultivation, sale and consumption of non-synthetic cannabinoids. Winter Garden, which possesses a plantation site, corporate headquarters and a laboratory in Uruguay, is able to take advantage of these new laws and regulations to become one of the first companies in the world to legally develop cannabis products.
According to WinterGarden, Federal Uruguayan laws not only facilitate the legal use and research of cannabis, but also provision the use of cannabinoids containing a higher percentage of Tetrahydrocannabinol (THC), which is the psychoactive substance found within cannabis. Globally, growth and research on cannabis with a THC content of more than .03% is prohibited, which WinterGarden believes has altered every aspect of the plant to the point that it offers almost no useful research benefits. They say that as a result only synthetic plants can be utilised for research and these are ineffective and inadequate for both research as well as pharma-grade medical applications.
WinterGarden is seeking to grow, research and produce cannabis plants containing a THC content of 1%. The higher THC content will assist Winter Garden to develop products that will provide clinical relief for a variety of neurological ailments. The ailments they claim which could be improved by medicinal cannabis products are wide-ranging, from depression and post-traumatic stress disorder to anti-inflammation and neuropathic pain.
As part of the requirements of completion International Goldfields is looking to raise a minimum of $2,000,000 through the issue of shares, with minimum net proceeds to the company of $1,000,000 at completion.
International Goldfields director David Tasker said the two company's are now finalising strategic funding needs for Wintergarden and transaction completion. These discussions are at an advanced stage, and while confidential and incomplete, IGS expects to finalise them in the coming weeks.
Originally published as IGS confirms Uruguayan cannabis deal
News Moderator: Robert Celt 420 MAGAZINE ®
Full Article: IGS Confirms Uruguayan Cannabis Deal
Author: AAP
Photo Credit: Elaine Thompson
Website: news.com.au
