Greencare Capital PLC (AQSE:GRE) said it plans to "actively pursue additional investment and acquisition opportunities" in the medicinal cannabis and cannabidiol (CBD) sectors after taking stakes in two businesses.
The update was provided alongside the company’s annual results for the 12 months to 31 October 2021. It ended the period with net assets of £1.05mln, of which £878,000 was cash or equivalents.
It made two investments: It ploughed £100,000 into Clearly Supplements via a convertible loan note and the same amount into Voyager Life.
The latter is now listed on the AQSE Growth Market with Greencare holding a 2.8% stake.
In common with businesses in the formative phase of the investment cycle, the group posted a deficit for the period. The operating loss was £373,000.
Looking ahead, chief executive Richard Tonthat said: “Greencare continues to actively pursue additional investment and acquisition opportunities of varying sizes in the cannabis and CBD space, however, it does so cautiously.
“It also anticipates it will take a broader view in the medium term, or until such time as the sector shows stability, than it has been doing to include related health, wellness and plant-based medicine investments as per its strategy.”