A crowdsourcing investment initiative by fast-growing market giant Montu’s has descended into acrimony and unprecedented action from a corporate regulator.
It was sold as an opportunity for everyday investors to ride the surging interest in medicinal cannabis, but now fast-growing market giant Montu’s crowdsourcing has descended into acrimony and unprecedented action from a corporate regulator.
Opponents of the buyback push, who successfully appealed to the Takeovers Panel, think they should be paid upwards of $7 a share based on Montu’s admission that its sales for the 2024 year could top $250 million. Their calculation would value Montu at more than $1 billion. Work done by the pair and a group of other investors concerned about the offer, provided to this masthead by Shahin, found a conservative price for a share in the company would not be $1.15 but about $7.70.
Through its aggressive marketing, Montu has become the behemoth in Australia’s booming medicinal cannabis market. Legalised in 2016, medicinal cannabis took off when hundreds of thousands of bored weed fans trapped at home realised they could now access the drug legally using telehealth. The market is now worth around $500 million in annual sales.
Under a binding declaration agreed with Montu, the company agreed to delay a shareholder vote on the buyback until it provided better information. The company says that will now likely happen later this month.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Fishy from the outset’: Millions in crowdsourced cannabis cash sparks landmark battleA crowdsourcing investment initiative by fast-growing market giant Montu’s has descended into acrimony and unprecedented action from a corporate regulator.
Read more »
Westpac outage Monday: Millions of customers impacted as online and mobile banking services offline7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Millions of Australians hit by hours-long bank blackoutsMillions of Australian banking customers have been hit with a major system outage which disrupted online services and brought spending to a halt on Monday afternoon.
Read more »
Global music giant Live Nation given tens of millions of dollars in grants by Australian governmentsFreedom of information documents reveal tens of millions of dollars in grants were given to global behemoth Live Nation, at a time when Australia's music industry was struggling.
Read more »
The ‘simple solution’ to the public housing towers knock-down that could save taxpayers millionsResearchers have suggested an alternative to the government’s public-housing demolition that could save Victoria more than $300 million.
Read more »
Wet, stormy weather on the cards for millions of Aussies this weekA major weather front is developing off the WA coast and looks set to sweep across several southern states this week - likely bringing substantial rainfall totals, strong winds and thunderstorms.
Read more »