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Summerway Capital PLC on Monday said it completed the acquisition of medical-cannabis firm Vertigrow Technology Ltd, or Celadon Pharmaceuticals.
Summerway added that a name change to Celadon Pharmaceuticals PLC will become effective on Tuesday.
It acquired Vertigrow for £80 million. It funded the deal through an issue of 48.5 million shares at 165 pence each.
Celadon's focus will be the research, cultivation, manufacturing and supply of cannabinoid-based medicines, its predecessor company said. Before that, Summerway Capital was a company investing in household and consumer goods sectors.
Summerway noted that at full capacity, its facility could supply up to 50,000 patients and also has the potential to generate £90 million in annual revenue.
Shares in Summerway were 6.3% lower at 148.00 pence each in London on Monday afternoon.
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