AfriAg makes maiden investment into medicinal marijuana sector

18th Oct 2018 11:49

(Sharecast News) - London-listed food and logistics group AfriAg Global has made its first investment into the medicinal cannabis sector.AfriAg revealed that it had picked up 546 shares in US firm Tilray at an average price of $146.43 a piece on Thursday, meaning the "excellent investment" cost the group a total of $80,000.Executive chairman David Lenigas told shareholders AfriAg was "totally focused" on investing in "many more legal cannabis entities, private or listed.""We see Tilray as excellent value at this price and are regarded as a long-term hold in our new cannabis investment portfolio," said Lenigas."This initial investment may increase in time, and we are looking hard at investments in other main board US-listed public entities in this sector. We are also actively reviewing many opportunities around the globe in the legalised medical cannabis space."As of 1240 BST, AfriAg shares were untraded at 0.11p.