The world’s biggest cannabis company has made $4.3 billion in profit since 2014.
The Australian Financial Press has obtained documents from a former executive who oversaw the sale of the company to Sky Pharmaceuticals, an Australian company.
The documents reveal that the deal was a one-way street.
The former Sky Pharmaceutical’s head of global regulatory affairs, Mark Kallar, told the newspaper that the sale was not a success for the company and that the board was not happy with the transaction.
The company has a market capitalisation of more than $US3.5 billion.
The sale has prompted an inquiry by the Federal Government into the business, with the Australian Competition and Consumer Commission (ACCC) asking for a complete audit of the sale.ACCC Chairman Rod Sims said that the investigation was in the early stages.
“The company is not able to disclose what the outcomes of the investigation are at this stage,” he said.
“We do want to see how the company operated as it was going through this transition and what the financial impact on the company was.”
The documents also show that the company made more than a million dollars in a single day, as a result of a sales surge after the deal with Sky was completed.
The acquisition of Sky has become the subject of much speculation in Australia.
Topics:business-economics-and-finance,drugs-and/or-pharmaceuticals,health,government-and.parliament,health-policy,industry,consumers-and%E2%80%99-business,government—organisations,industries,healthcare,australiaFirst posted February 08, 2019 18:53:55Contact Chris McLean