Cannabis Wheaton (TSX: CBW) announced yesterday plans to invest $15 million dollars to acquire 80% of Uruguaya based company Inverell, who produces high CBD industrial hemp and low THC cannabis in the country’s capital. The transaction will also include $2 million in cash, plus an additional $3.5 million worth of shares in Cannabis Wheaton to Inverell.
Over the past few months, we have seen multiple companies in the cannabis and industrial hemp Canadian public sector expand their operations internationally. Inverell owns one of the many licenses in Uruguaya to grow specific strains of hemp and one other low THC strain of cannabis since the country became the first country to fully legalize last year.
Inverell is currently growing the strains on about 40 acres of land and has an additional 1,420 acres available for additional production.