FastForward Innovations Ltd (LON:FFWD) highlighted the acquisition by investee company Little Green Pharma Ltd (ASX:LGP) of a fully operational Danish cannabis cultivation operation.
Aussie-listed LGP, where FastForward owns a 2% stake, has snapped up the growing and processing facility owned by Canada’s Canopy Growth for C$20mln.
Little Green will pay 50% on completion and 50% in 12 months' time.
The Danish facility comprises a 21,500 sq m cultivation site and 4000 sq m post-harvest GMP site, the facility meets European Union GACP (good agricultural and collecting practice) standards and holds a recognised GMP (good manufacturing practice) licence.
It is capable of producing more than 20 tonnes of biomass a year, including 12tpa of cannabis flower for supply as bulk and finished medicinal products.
Fastforward said the acquisition is a strategic fit with LGP's existing operations, providing it with additional cultivation and manufacturing capacity.
Ed McDermott, CEO of FastForward Innovations, commented: "We are thrilled to see the progress being made at Little Green Pharma, one of our most recent investments in the medicinal cannabis space. This acquisition of an already operational Danish facility will expedite cultivation and manufacturing capacity in the EU, accelerating LGP's growth strategy."