QBL keeps it in the family with hemp & health foods merger

Queensland Bauxite Limited (ASX: QBL), the company behind one of the country's fastest growing medicinal marijuana businesses (Medical Cannabis Limited (MCL)), has once again consolidated its ever growing suite of marijuana-related operations.

The Queensland-based company acquired Hemp Hulling Co (HHC) on Thursday, bringing the family-run business further into the fold of MCL.

Sebastian & Samuel Edwards are the owners and directors of HHC, of which QBL's marijuana subsidiary MCL currently owns 55 per cent.

In announcement to the ASX the company said it was proud to welcome HHC as its latest acquisition, focusing on how hard-working the family run business is.

"The business relationship between QBL/MLC and HHC and the Edwards family has developed significantly during 2018," says QBL in a statement to the ASX.

"The expertise and work ethic of the Edwards family on behalf of the development of MCL has been impressive."

"QBL prides itself on connecting dots, finding the right people to enhance its core values, who can produce profits and are motivated to continually do it better. With this new acquisition/merger QBL/MLC have connected with an entire hard-working family."

The company now hopes to be able to focus on pushing into the health foods market in Australia, worth nearly $1 billion according to some estimates. Read more

Business News Australia - 16 August 2018