Tasmanian medicinal cannabis farm sold in multimillion dollar deal

The Northern Midlands farm. Picture: Supplied

A TASMANIAN medicinal cannabis farm has been sold for a multimillion dollar sum.

In an ASX announcement, ECS Botanics Holdings Ltd reported that its 44ha Cressy property had fetched $3m. And that it was purchased by Blue Buffalo Pty Ltd.

In a statement, ECS managing director Nan-Maree Schoerie said following the sale of the company’s Tasmanian business and assets, proceeds would fund the “continued expansion of the company’s Victorian medicinal cannabis facility”.

“The sale of TasCo [the company’s Tasmanian operations and farm] completes the third and final step in the group’s restructure and streamlining,” she said.

“This allows us to focus on the expansion at our Victorian operations, which is proceeding rapidly.

“We continue to experience very healthy demand for our medicinal cannabis products and this transaction provides important access to growth capital.”

Medicinal cannabis farm has sold.

Medicinal cannabis farm has sold.

CBRE agribusiness director Matt Childs said the sale campaign attracted strong competition.

“There were 11 participants, and we selected the buyer from this group,” he said.

“It was more complicated than your average transaction, but from our point of view it was a huge success.

“There was a lot of inquiry, we were actually blown away by how much inquiry we dealt with.

“The competitive nature of the campaign at the end was great to be a part of, too.”

Medicinal cannabis farm has sold.

Medicinal cannabis farm has sold.

In its for sale listing, the Northern Midlands property was described as a certified organic farm, fully licensed and permitted by federal and state authorities.

It had a long list of features including water rights, security, processing and manufacturing sheds, and a 1950s brick and tile homestead.