Chinese Company Yongji Health Acquires Majority Stake in Tasmanian Cannabis Farm
Tasmanian Botanics, a leading cannabis cultivator and processing facility in Australia, has undergone a significant change in ownership. Yongji Health, a subsidiary of a Guizhou-based company, has acquired full control of Pijen, which owns over 95% of Tasmanian Botanics’ shares. This acquisition marks a significant shift in the company’s ownership structure, with Yongji Health now holding a majority stake.
According to reports, Yongji Health purchased the remaining shares from Australian shareholders in a deal worth around $31 million. Prior to this acquisition, Yongji Health was already a part-owner of Pijen.
Tasmanian Botanics, located in Pontville, Tasmania, cultivates, manufactures, and packages medicinal cannabis products from its farm and processing facility. The company’s CEO, Craig Knight, has assured staff and customers that there will be no significant changes to operations or job security, despite the change in ownership.
Knight emphasized that Yongji Health has expressed a desire to maintain the company’s current structure and operations, with no plans to make significant changes. The facility employs over 150 people, who will continue to work at the site, which includes a greenhouse, outdoor crops, and packaging and manufacturing facilities.
The acquisition marks a significant milestone in the growth and development of Tasmanian Botanics, and it remains to be seen how this change in ownership will impact the company’s operations and future plans.
