EQS-News: Cannovum Cannabis AG: Liquidation and sale of investments in the cannabis sector

Cannovum Cannabis AG: Liquidation and sale of investments in the cannabis sector

Cannovum Cannabis AG:Cannovum Cannabis AG (stock exchanges Frankfurt, Xetra, Düsseldorf, Munich, Hamburg, Berlin, Tradegate, gettex: ISIN DE000A2LQU21) started 2019 with the aim of playing a significant role in the market for legal recreational cannabis in Germany.

Unfortunately, political decision-makers in Germany have not yet been able to bring themselves to fully legalize recreational cannabis as in other countries. Due to the associated uncertainty about future developments, it is to be feared, especially after the Bundestag elections, that small steps already taken towards the legalization of recreational cannabis could be frozen or even reversed. The implementation of the strategy pursued by Cannovum is therefore a distant prospect. This also affects the investments of Cannovum Cannabis AG.

The shareholders of Anbau-Allianz für Deutschland GmbH, in which Cannovum Cannabis AG holds a majority stake, have therefore decided to initiate the liquidation of this company.  Regarding the remaining medical cannabis investment in Cannovum Health eG, a sale is being sought in the first half of the year.

The Management Board will therefore propose to the company's Annual General Meeting, which is expected to take place in August, that references to cannabis be removed from the company name by way of a name change.
 

Contact:

Investor relations

Cannovum AG

ir@cannovum.com