The Australasian lawyer reports……Two firms have acted in Australia as an ASX-listed medicinal cannabis firm tends to make and acquisition in Canada.
DLA Piper acted as Australian and Canadian counsel to Althea, which has agreed to obtain Peak Processing Options, its initial foray into extraction and manufacturing of cannabis-infused goods. The firm also advised on Althea’s connected $30m capital raising, even though precise economic particulars of the acquisition itself had been not disclosed.
Russell Kennedy acted for the founders of Peak Processing as Australian counsel. The firm stated it received directions from Torkin Manes, the Canadian counsel for Peak Processing, by means of Ally Law Alliance.
DLA Piper fielded a cross-border group to act on the deal. The group was headed by Melbourne-primarily based corporate and projects partner Chris Mitchell, who lately joined the firm. He was supported in Australia by senior associates Dylan Burke and Simone Lim, and solicitors Chanel Mercurio and Tara Alexander.
In Canada, the DLA Piper group incorporated corporate companion Robert Fonn, finance companion Ilia Danef, tax companion Kevin Fritz, counsel Nicole Kapos and associate Christopher Pejovic.
Mitchell stated that the deal permits Althea to expand its existing company portfolio into the Canadian recreational industry. To make sure the deal succeeded, DLA Piper tapped its specialists in equity capital markets, M&A, regulatory, and the North American cannabis sector, he stated.
The Russell Kennedy group was led by specific counsel Rory Maguire and principal Andrew Parlour. They had been assisted by associate Stephanie Quatela.
Maguire stated that the deal is especially considerable provided new regulations covering cannabis in Canada. Earlier this month, Overall health Canada began accepting applications for providers in search of to create cannabis-derived goods, like edibles, beverages, and vaping goods.
Althea, which operates in Australia and the UK, plans to expand in emerging markets in Europe and Asia. It listed final year on the ASX, counselled by Norton Rose Fulbright.
Supply: https://www.australasianlawyer.com.au/news/two-firms-act-as-australian-medicinal-cannabis-firm-tends to make-canadian-acquisition-267800.aspx