Investment Firm FastForward Innovations Ltd on Tuesday said portfolio company
Investment Firm FastForward Innovations Ltd on Tuesday said portfolio company EMMAC Life Sciences Ltd has acquired Terra Verde LDA, a Portuguese genetics and cultivation company.
FastForward holds a 2.6% stake in EMMAC, a European medical cannabis company.
Terra Verde holds a cannabis cultivation licence in Portugal, which allows for eight hectares of greenhouse and outdoors cannabis cultivation. FastForward said this acquisition establishes EMMAC as the “largest” vertically integrated cannabis company in Europe, with operations in eight territories.
Following completion, EMMAC will begin to invest in Terra Verde’s facilities, including the construction of a facility for storage, processing and manufacturing at the Portuguese site that will serve both the domestic and the international markets, FastForward said.
“With this milestone firmly achieved, EMMAC’s focus now is to extend the pan-European reach of our medical and wellness portfolio. We will continue to partner with the best organisations and businesses in the sector and support cutting-edge scientific research to further develop the medical cannabis sector,” said EMMAC Chief Executive Antonio Costanzo.
FastForward shares were trading 0.6% higher in London on Tuesday at 8.50 pence each.