SOL Global Acquires 25% Stake in European Medical Cannabis Firm GreenLight for €1.8 Million

On January 7, 2019, VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that SOL Global Investments Corp. announced an investment in the European medical cannabis company GreenLight Pharmaceuticals Ltd. and a strategic partnership.

GreenLight, established in 2014 and headquartered in Dublin, Ireland, is a vertically integrated medical cannabis company. The company is led by Dr. James Linden, who oversees clinical R&D operations, seed genetics programs, cultivation operations, and CBD brand distribution.

Under the terms of the transaction, SOL Global will acquire a 25% equity stake in GreenLight for €1.8 million, with an option to increase its holding to 51%.

In addition, SOL Global has secured an option to acquire a 75% equity stake in GreenLight’s subsidiary, which has successfully obtained cannabis cultivation licenses in Ireland and Northern Ireland, for a total exercise price of approximately €1 million. Rob Reid, Director of SOL Global, and Michael Barnes, Chief Medical Officer, will join the board of directors of GreenLight Pharmaceuticals.

“SOL Global is delighted to collaborate with GreenLight’s clinical research team as they continue to develop R&D projects across Europe. Amid growing societal interest in the medicinal potential of cannabis, GreenLight aims to play a pivotal role in shaping industry-leading solutions and therapies. With SOL Global team members joining GreenLight’s Board of Directors, we look forward to working together to further strengthen and elevate GreenLight’s leadership position in Europe’s emerging medical cannabis industry,” said Brady Cobb, CEO of SOL Global.

“This latest partnership provides us with the funding to bring GreenLight to a broader international audience,” said James Linden, CEO of GreenLight. “In 2019, we anticipate the full launch of the medical cannabis market in Ireland and the United Kingdom.”

GreenLight has performed well in market development, leveraging high-quality and affordably priced botanical medicines. Expanding our dietary supplement portfolio and advancing the research and development of our pharmaceutical products will enable GreenLight, as a key player in medical cannabis, to exert greater influence on the international stage. Since its inception, GreenLight has been dedicated to researching some of the most prominent therapeutic areas in the pharmaceutical industry, including rheumatology, oncology, bronchodilators, and immunosuppressants. GreenLight’s R&D activities involve collaboration with 13 international academic institutions and the establishment of dedicated GreenLight laboratories at various universities, encompassing investments in medical devices and the recruitment of trained clinicians and staff.

GreenLight’s distribution business encompasses the operations of its proprietary subsidiary, “GreenLight Food Supplements,” as well as other plant-extract products currently under development. The company conducts product development in Spain, France, Russia, Poland, and the United States, while sales are carried out in Ireland and the United Kingdom. GreenLight has currently signed distribution agreements with 1,000 pharmacies in Ireland and the United Kingdom.

SOL Global is an international investment firm focused on, but not limited to, cannabis-related companies in U.S. states where such activities are legal, the CBD market, and the emerging European cannabis market. Its strategic investments across cultivation, distribution, and retail have complemented its research and development collaboration with the University of Miami, positioning SOL Global as a future leader in the U.S. medical cannabis industry.