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RSM advises Celadon Pharmaceuticals on £80m reverse acquisition

The acquisition means Celadon Pharmaceuticals plc has become the first pharmaceutical medicinal cannabis company to be admitted to AIM

RSM UK has advised Celadon Pharmaceuticals plc on its £80m reverse acquisition of Vertigrow Technology Ltd.

The acquisition means Celadon Pharmaceuticals plc has become the first pharmaceutical medicinal cannabis company to be admitted to AIM.

Celadon, formerly called Summerway Capital, is a UK-based pharmaceutical company which is focused on growing highly controlled indoor hydroponic, high THC cannabis for use within medical products to treat chronic pain.

The company has also commenced the planning of research into cannabinoids for use in chronic pain and has begun research into the treatment of other conditions such as autism.

RSM’s reporting accountant team advising Celadon was led by Paul Watts and supported by Matt Cowie and Lena Talib.

Paul Watts, capital markets partner, RSM UK said: “I’m proud our team was able to support this historic transaction, which represents a first for AIM. This is an important step which will ultimately help to improve the quality of life for many who suffer from chronic pain and life limiting conditions.”

Graham Bond, Co-head of life sciences, RSM UK added: “This acquisition represents a historic moment for the life sciences sector, as it is a step towards having pharmaceutical medicinal cannabis products manufactured here in the UK.”

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