Fragrant Prosperity Nears Takeover of Cannabis Wellness Company CiiTECH

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by Joe Hope

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Fragrant Prosperity Holdings Ltd said on Tuesday that it is in the final stages of the acquisition of cannabis wellness company CiiTECH Ltd, submitting a complete draft brochure containing details to the Financial Conduct Authority.

The investment company said it initially announced a potential acquisition on May 24, seeking to buy CiiTECH for £17.5 million ($23.2 million) in shares and filing a letter of intent. While the exclusivity period for the acquisition has expired, Fragrant continues to pursue the transaction, and said it is now in advanced stages of obtaining FCA approval for its prospectus.

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The deal constitutes a reverse takeover under London Stock Exchange rules and its shares have been suspended from trading – as is required for this type of deal – since May.

Once approved, the company said its existing listing would be canceled and the increased share capital would be applied for recruitment in the London market. It said in May that if the acquisition goes ahead, Fragrant Prosperity would change its name to CiiTECH Group Ltd.

Write to Joe Hope at [email protected]

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