What Sativa does
Now, though its merger with Canada-listed Stillcanna it is aiming to cement its position in Europe as well.
Sativa has capitalised on its first-mover advantage and, following the legalisation of medicinal cannabis in the UK in late 2018, has evolved to focus on the development of an integrated seeds to sale business.
Chief executive Henry Lees-Buckley, a former global executive at Fortune 500 industrial supply firm WW Grainger was appointed in August 2019 and set about on refining the strategic focus and reorganising the operations.
How it’s doing
In September, Sativa’ s (LON:SATI) merger with Canada-listed cannabinoid (CBD) extraction and agriculture specialist Stillcanna Inc was given the regulatory green light.
Shareholders in both companies almost unanimously recommended the deal that at the time of it was originally mooted valued the UK company at around GBP10.7mln.
The merger offers a “unique opportunity to create a leading European CBD seed to consumer company”, said both companies.
“This creates a true European “seed to consumer” CBD wellness and medicinal cannabis group; cultivating and extracting the highest quality CBD, through to developing and producing the highest quality finished consumer products”, Sativa chief executive Henry Lees-Buckley said in a statement.
“This integrated approach supported by optimized production capabilities and laboratory testing allows us to position our brands for strong sales growth not only in the UK but across Europe”, he added.
Lees-Buckley will be chief executive of the enlarged seed to sale business with Joseph Colliver assuming the role of chief financial officer and Anne Tew becoming corporate secretary.
Jonathan Wearing will be chairman, while Angus Kerr, Mark Blower and Jason Dussault will be main board directors. Dussault will also lead the business’ investor relations efforts.
Ahead of the merger completion, Sativa delivered a record month of revenues in July amid what it said was “very strong demand” for a range of sanitiser products through its Goodbody brand.
The cannabidiol (CBD) products group noted that the “strong group sales momentum” had continued over the month with demand from both consumers and corporate clients.
Sativa added it is continuing to develop its core CBD offer with the launch of its newly combined Goodbody website, goodbodystore.com, which features both the firm’s Wellness and Botanicals ranges
“This site provides the platform for product line expansion and focused efforts to drive sales growth”, the group said, adding that its new Goodbody Wellness line featuring CBD with vitamin D is being “received very well by both consumers and retailers”.
The new trading symbol, (ticker), will be “SWEL” and Sativa Wellness will trade on the CSE and AQSE.
- Shares resume trading in UK and Canada
- Strong sales continue
- Integration benefits and expansion in Europe