TW Holding (ASX:TWH) has outlined that its takeover bid for AusCann Group Holdings Limited closed at 5.00pm on Friday 6 January 2017.
The company has obtained a relevant interest in 100% of the AusCann shares, with the offer now free of all conditions.
TW Holding will be renamed AusCann Group Holdings.
AusCann will have a focus on medical cannabis and is well positioned to take advantage of the developing market by bringing together a strong team with relevant and complementary skill sets.
The team includes the largest legal producer of medicinal cannabis in North America, Canopy Growth Corp and Chilean medicinal cannabis grower Fundación Daya.
Funds raised
Last month the company raised the maximum $5 million under its prospectus offering issuing 25 million shares at $0.20.
The strong interest from investors represents the high market demand for medical cannabis stocks in Australia.
AusCann and Canopy
AusCann has joined the Canopy family of companies and partners that includes Tweed (the most recognised cannabis production brand in the world), Bedrocan, DNA Genetics, Cann Science, Indoor Harvest and Mettrum Health Corp (following its recently announced CAD$430 million acquisition by Canopy).