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Cannaray’s £18.6m RTO Deal With Cellular Goods Scrapped Over ‘Decrease In Share Price’

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YESTERDAY morning Cellular Goods informed investors that its proposed £18.6m reverse-takeover deal with Cannaray has been scrapped.

In a brief RNS, the CBD retailer said it had ‘terminated negotiations in relation to the transaction’, first announced in September last year.

Cannaray has informed BusinessCann that the deal has been pulled due to the ‘decrease in Cellular Goods’ share price’ since its initial negotiations.

The news sent Cellular Goods’ already heavily depressed share price plummeting further throughout the day yesterday to hit lows of 0.54p at the time of writing.

With the proposed deal seen as a life jacket for the struggling company, providing Cellular Goods with a much-needed access to capital, marketing and a supply chain to expand its lacklustre sales, questions are now being raised over the company’s future.

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Cannaray’s £18.6m RTO Deal With Cellular Goods Scrapped Over ‘Decrease In Share Price’



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Press Release: Lyphe Group and Boveda INC. Forge Partnership for UK Medical Cannabis Patients

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Lyphe Group (“Lyphe”), one of the UK’s leading medical cannabis companies, is pleased to announce an innovative partnership set to enhance the way patients receive their medical cannabis prescriptions.

In an industry first, Lyphe’s dispensing pharmacy Dispensary Green has partnered with Boveda Inc. (“Boveda”), the global leader in 2-way humidity control, to empower patients to keep their cannabis prescriptions in optimal condition.

As part of the partnership, Dispensary Green will include complimentary Boveda packs with all medical cannabis flower prescriptions. Dispensary Green and Boveda will also work together to educate patients on how to preserve the freshness of their medication and identify key quality markers.

Nick Pateras, CEO of Lyphe Group, said: “This partnership exemplifies our commitment to supporting patients’ rights for the highest quality medical cannabis.

“Our ambition to deliver a best-in-class patient experience has led us to identify several opportunities for standout patient care, and our relationship with Boveda is the first of these initiatives. We understand the importance of patients’ medicine being at its freshest and most effective for the conditions they are treating.”

Benjamin Patock, Head of International Relations at Boveda Inc., adds: “Proper humidification is one of the most pressing global challenges in cannabis care today, especially since it extends beyond the point of sale into patients’ homes – and therefore beyond the direct control of producers, clinics, and pharmacies.

“It is a pleasure to see medicinal pioneers such as Lyphe Group taking this extra step towards a flawless patient experience by embracing our patented technology. We are looking forward to a great partnership!”



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ElixinolSkin cosmetics return to UK

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Acclaimed Global CBD brand, Elixinol, is making a highly anticipated return to the UK market thanks to a partnership with BRITISH CANNABIS™.

This exciting development was made possible by the 2022 licensing and distribution agreement entered into with BRITISH CANNABIS™ a leading UK-based company.

With this strategic partnership in place, customers in the UK can look forward to experiencing the exceptional quality and purity of Elixinol’s CBD products, which have been meticulously crafted using the finest ingredients and industry-leading production techniques. 

“As the trusted regional partner of Elixinol, we are thrilled to be able to bring you a range of cosmetics that not only enhances your skin’s natural radiance but also promotes overall well-being”, commented BRITISH CANNABIS™ Marketing Director, Steve Batchelor.

New partnership sees revamped ElixinolSkin cosmetics return to UK



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CiiTECH Bought Out Of Administration By Fellow UK Company For £210,00

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CBD company CiiTECH has been sold to fellow UK-based cannabis company Tenacious Labs for £210,000.

In July 2021 CiiTECH raised £2.1m to fund its listing on the London Stock Exchange with a slated value of £17.5m.

However, after two loss-making years it fell into administration on October 22, 2022, and on February 16, this year, it was sold to Tenacious Halfway – a subsidiary of Tenacious Labs – for £210,000.

Administrators Leonard Curtis said it had received 46 expressions of interest in buying the assets of the business, which resulted in five offers with Tenacious making the highest bid.

Nick Morland, CEO and co-founder of Tenacious Labs, told Business of Cannabis: “CiiTECH was in the same situation as a couple of dozen good businesses. The irony is that they got hit the hardest as they were busy on the next step (an LSE listing).

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https://businessofcannabis.com/ciitech-bought-out-of-administration-by-fellow-uk-company-for-21000/?mc_cid=c0a48fdbf5



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