Wuhan General Group (China), Inc., is pleased to announce the closing of our previously announced Letter of Intent to acquire 49% of Biodelta Nutraceuticals, Ltd. assets which includes the land, the buildings, and the infrastructure as well as the specialized greenhouse and drying ovens. These assets will be part of our new operational facility located near Cape Town, South Africa (“Acquisition”). Total consideration for the Acquisition is US$1.567 million paid in cash.
This transaction enables Wuhan to produce 36,000 kg of marijuana in phase one (300k sq. ft), and 175,000 kg (1.3M sq. ft) in phase 2. In addition, the facility will permit Wuhan to produce a very high-end organic CBD, eliminating market shortage risk and guaranteeing supply.
Date: June 10, 2019
Source: BusinessWire
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