Stockbroker PAC Partners is putting together a group of investors to buy a 16 per cent stake in local medicinal cannabis company Althea.
Street Talk understands PAC was seeking funds to buy the 37 million Althea shares at 40¢ each on Wednesday morning.
The price was at a 27 per cent discount to Althea's last traded price of 53¢.
It is understood PAC is seeking fund managers to buy the stake owned by Canadian cannabis company Aphria, which had been selling on matrket in recent days.
As at July 31, according to Althea's annual report, Aphria held 50.8 million shares in the company.
AdvertisementAlthea's shares went into a trading halt at about 10:30am on Wednesday morning, regarding a material supply agreement.
Aphria has been supplying Althea with its medicinal cannabis, however that is set to change next year after Althea was given approval to grow its own cannabis out of a facility at Skye, in south-east Melbourne.
What’s next for Althea
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