Wuhan Acquires Remaining Shares in Tsime

Rhea-AI Summary

Wuhan General Group (OTC PINK: WUHN) has acquired the remaining shares of Tsime Pharmaceuticals and Medical Supplies, enhancing its ownership to 100%. The acquisition streamlines operations in the cannabis sector, as Tsime holds a unique Operator's license in Lesotho, allowing it to cultivate, process, and export medical cannabis under a single permit. The CEO emphasized the operational efficiencies gained and future infrastructure developments, including greenhouses and research facilities, aimed at bolstering their market position in the bioceutical industry.

Positive

• Acquisition of 100% of Tsime enhances operational control and market position.
• Unique Operator's license in Lesotho streamlines cultivation and export processes.
• Plans for new infrastructure such as greenhouses and research facilities.

Negative

• None.

CAPE TOWN, SA / ACCESSWIRE / December 8, 2021 / WUHAN GENERAL GROUP (CHINA), INC. (OTC PINK:WUHN) ("WGG'' or the "Company"), a bioceutical company focused on alternative plant-based cannabinoids and mental health therapeutic research is pleased to share the following update:

Following the acquisition of 60% of Tsime Pharmaceuticals and Medical Supplies (Pty) Ltd ("Tsime") in 2020, WGG has now reached an agreement with the remaining shareholders to acquire their shares in exchange for shares in WUHN.

Tsime obtained a license in Lesotho to cultivate, process, and export cannabis for medicinal and scientific purposes and any other legal use.

"A key advantage of the Tsime Lesotho license is that it permits the cultivation, processing, and export of medical cannabis under one single license known as an "Operator's license". Other countries require separate licenses for the cultivation, extraction, and sale of final products - it's a real big win for all stakeholders. By owning 100% of Tsime, we've streamlined the group structure in preparation of the construction of the new greenhouses, post-harvest production stations, research facilities, and laboratories.", commented Jeff Robinson, Wuhan General Group CEO.

"We are equally excited by the Wuhan Group's other activities. Holding shares in Wuhan allows us to continually benefit from the development of Tsime as one of the Group's subsidiaries. Mr. Robinson has demonstrated exceptional leadership skills and a remarkable vision for the future, we are very happy to be long term shareholders.", says Bataung Likate, a Lesotho national and one of the selling shareholders.

About Wuhan General Group, Inc./ M₂Bio Sciences, Inc

Wuhan General Group, Inc. (DBA M2bio Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™, and Liviana™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness, and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research, and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol "WUHN".

Publicly traded company (OTC PINK:WUHN)
Website: www.m2bio.co
E-mail: info@m2bio.co
Follow us on Twitter: https://twitter.com/m2bio
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Forward-Looking Statements:

Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.

SOURCE: Wuhan General Group, Inc./ M₂Bio Sciences, Inc.

View source version on accesswire.com:
https://www.accesswire.com/676506/Wuhan-Acquires-Remaining-Shares-in-Tsime

FAQ

What is the significance of WUHN acquiring 100% of Tsime Pharmaceuticals?

This acquisition allows WUHN to streamline operations and consolidate its presence in the medicinal cannabis market.

How does the Operator's license benefit Tsime under WUHN?

The Operator's license permits cultivation, processing, and export of medical cannabis under a single license, simplifying regulatory compliance.

What future developments are planned by WUHN following the acquisition of Tsime?

WUHN plans to construct new greenhouses and research facilities to enhance production capabilities and market growth.

When was the acquisition of Tsime by WUHN completed?

The acquisition to gain full ownership of Tsime was announced in December 2021.