Sydney, October 1
Tasmanian Botanics, one of Australia’s largest medicinal cannabis producers, has now come under almost complete Chinese ownership.
Ownership of the company’s holding company, Pigeon, based at Pontville north of Hobart, changed hands after Chinese-owned Yongji Health purchased its remaining shares for around AU$31 million.
Yongji Health, a subsidiary of China’s Guizhou-based Yongji Printing, already held a major stake in Tasmanian Botanics. The latest purchase has now raised its indirect ownership of the company to around 96.5 percent.
Tasmanian Botanics has long produced, processed and packaged medicinal cannabis. More than 150 employees work at the company’s Pontville facility, which includes a large state-of-the-art greenhouse alongside roughly 2.5 hectares of outdoor cultivation.
Company CEO Craig Knight made clear that, despite the ownership change, no major immediate changes are planned for employees or customers. He said there is no concern over job security and that the company plans further expansion in the coming period.
