BARCELONA, Spain--(BUSINESS WIRE)--Wuhan General Group (China), Inc. (OTC PINK: WUHN) (the "Company" and "Wuhan"), is pleased to announce the closing of our previously announced Letter of Intent to acquire 49% of Biodelta Nutraceuticals, Ltd. assets which includes the land, the buildings, and the infrastructure as well as the specialized greenhouse and drying ovens. These assets will be part of our new operational facility located near Cape Town, South Africa ("Acquisition"). Total consideration for the Acquisition is US$1.567 million paid in cash.
This transaction enables Wuhan to produce 36,000 kg of marijuana in phase one (300k sq. ft), and 175,000 kg (1.3M sq. ft) in phase 2. In addition, the facility will permit Wuhan to produce a very high-end organic CBD, eliminating market shortage risk and guaranteeing supply.
About Biodelta Nutraceuticals
Biodelta Nutraceuticals (ISO 22000 and organic certified) is a Cape Town-based manufacturer and merchandiser of premium health products to all pharmacy & health shop chains across South Africa. For the past 12 years, Biodelta has developed, designed and produced more than 1,000 products for these customers and is now strategically positioned to launch CBD products through these channels. In addition, Biodelta has license applications in process for growing, extracting and product development as well as dossiers for various CBD based products.
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About Wuhan General Group (China), Inc.
Wuhan General Group (China), Inc. through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company that researches, develops and commercializes a range of CBD-based products under the Dr. AnnaRx brand. In addition, its new division, M2BIO aims to explore and develop additional indications for psilocybin new therapies that will help patients who suffer from mental illness. Our mission is to advance botanical-based medicine to the forefront by deploying best practice science and medicine, clinical research and emerging technologies.
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