In the latest news to hit the medical cannabis sector, this announcement highlighted below was made today by Little Green Pharma to the ASX.
The supplementary prospectus mentioned in the release contains the biggest news though, which is the resignation (from Reset as Chairperson) of the former first female Attorney General of Western Australia.
The Hon. Cheryl Edwardes AM, is a highly respected former politician with extensive legal, political and corporate experience.
Her bio was still showing at 1300 AEST-19/2/24 on the reset website.
As can be seen by item 2 of the supplementary, an immediate resignation occurred on the 5/2/24 and failing any further clarification from LGP, Reset or Cheryl Edwardes AM, I'd be guessing that all anyone can do now is speculate on the reasons.
Little Green Pharma Ltd (ASX: LGP, “LGP” or the “Company”) advises that Reset Mind Sciences Limited (“Reset”) has withdrawn its offers under the Reset Prospectus lodged with ASIC on 9 November 2023 as set out in the Supplementary Prospectus attached to this announcement.
The withdrawal follows the AIM stock exchange’s decision that as Psychedelic Assisted Psychotherapy (“PAP”) is not currently permitted in the United Kingdom, UK funds cannot invest and Reset is not currently capable of listing on a UK stock exchange.
While disappointing, the Company believes that with the rapid advance of psychedelics globally, PAP services will be legal in the UK in the near term at which time the Company will re-engage with regulators. In the meantime, the Company will continue to progress its globally leading psychedelics business.
Reset’s share registry has been instructed to promptly return all subscription funds to investors. Following Reset’s decision to withdraw the offers, the Company has withdrawn Resolution 1 relating to the in-specie distribution of Reset shares from its upcoming general meeting on 21 February 2024, with the general meeting to solely consider Resolution 2 confirming the appointment of the Company’s auditor BDO.
