A deal struck between Lasco Manufacturing Limited and American company United Cannabis Corporation, UCANN, for the production of cannabis-infused water and other medicinals has been placed on hold.
It comes in the wake of UCANN’s filing for bankruptcy protection in April.
“UCANN has filed for Chapter 11 bankruptcy and so that partnership is now on hold,” Managing Director of Lasco Manufacturing Limited, James Rawle, told the Financial Gleaner just ahead of the company’s annual general meeting on Tuesday. Rawle was also named recently as deputy chairman of both Lasco Manufacturing and its sister company Lasco Distributors Limited.
Plans for the tripartite venture between Lasvac – a company formed by parent Lasco Manufacturing to handle the production of the medicinals in the form of capsules, sublinguals, roll-ons, and balms – UCANN and local company Cannabinoid Research and Development, in which UCANN holds a 50 per cent stake, were announced back in 2018.