June 11, 2019 / 9:04 AM / 16 days ago

French medical cannabis company GreenLeaf taken over by EMMAC

PARIS (Reuters) - GreenLeaf, a French hemp-based and cannabis healthcare company, has agreed to be bought by rival EMMAC Life Sciences Ltd, as the legal use of cannabis for medicinal purposes grows further.

EMMAC said the takeover of GreenLeaf, for which financial details were not disclosed, followed its earlier takeover of Swiss cannabis-based health company Blossom.

“France is an important market for EMMAC and we are confident that GreenLeaf’s established distribution model, experienced team and premium product portfolio will advance our plans for strategic growth in the region,” said EMMAC chief executive Antonio Costanzo in a statement.

Cannabis stocks have been a growing fad on world stock markets, particularly on the Toronto stock exchange after Canada became one of the first major economies to legalize the recreational use of marijuana.

Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain

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