Toronto-based Belgravia Capital International (CSE:BLGVF) announced on Wednesday that it had completed its acquisition of the Canadian company R&D Pharma Corp.
Belgravia Capital, who “[develops] new companies with a focus on the legal medical cannabis industry,” has obtained approximately four million common shares, or nearly 10.3% of outstanding common shares, of R&D Pharma at a value of $0.25 CAD per share. The purchase was funded with $500,000 cash and five million of Belgravia’s common shares.
R&D Pharma is focusing on “developing a vertically integrated medicinal cannabis business in Jamaica.” It has received a Tier 3 Cultivator’s Licence in Jamaica through one of its subsidiaries, which was given by the country’s Cannabis Licensing Authority (CLA).
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With the Tier 3 License, R&D Pharma is able to use nearly five acres or more of land for the production of plants that are meant for scientific, medical and therapeutic purposes.
As well as the addition of the license, R&D Pharma has received “conditional processing, herb house, spa and dispensary licences.”
Belgravia Capital has named its Cheif Financial Officer Kevin Strong as the new Cheif Financial Officer of R&D Pharma.
According to Belgravia, Jamaica has “a world-renowned medical cannabis community” that produces superior products due to its “consistent flowering light cycles…constant air flow, and other advantageous agronomic and economic conditions of the island.”
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Belgravia’s President and CEO Mehdi Azodi has said that the company is “excited to have completed our acquisition of 10% of [R&D Pharma],” adding that the company’s Tier 3 License “is a testament to the quality of the management team.”
R&D Pharma produces medicinal plants for international export and “the domestic and medical tourism industry” and is one of the three only companies that have received the Jamaican government’s Tier 3 Cultivator’s Licence.
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