Cann Global has allotted 8.5 million shares to four companies while it carries out "detailed due diligence" on a potential acquisition target based in Thailand.
The ASX-listed company, which has been suspended from trading for over 12 months, said the deal — if completed — would position it as a "major international force in the cannabis industry".
In a shareholder update, the company called the potential purchase a "major opportunity" — one of several it has flagged in recent months — and confirmed it issued exclusivity shares to four entities: Land and Sky Co, Fah Dao Co, Green Pharma Botanical (a plant-breeding business), and Biorefine.
No further details were provided.
"Cann Global has entered into an exclusive dealing arrangement to acquire assets in Thailand," the company said in a statement to the ASX. "It is the board's view that Thailand is currently one of the best placed countries in the world to produce mass amounts of high-quality cannabis products.
"The board view the proposed acquisition opportunity as a way to enable the company to distribute cannabis products to the growing large Thailand market and subsequently into European markets and Australia."
The exclusivity shares have a combined value of A$178,500 at $0.021c per share, and grant Cann Global a six-month window to finalise the acquisition.
Those shares will be subject to a minimum voluntary escrow period of 12 months.
Cann Global has been pursuing potential acquisitions since its trading halt began in September 2022. The company has sought multiple extensions during that time but has not completed any transactions. One acquisition was assessed to have "commercial merit" but failed to clear undisclosed regulatory hurdles.
Separately, Cann Global attributed its failure to lodge financial reports with the ASX to the need to find a replacement auditor and a restructure of its staff.
The company said it would work toward meeting its ASX obligations and submitting the outstanding reports "in the coming weeks".
Cann Global has applied for a further extension to its voluntary suspension through to November 30.
