Jenbrook, an organic tea tree farm in New South Wales, Australia has received a $1.49 million investment to help develop honey products from bees that have pollinated cannabis plants, Business Insider Australia reports. Jenbrook supplies raw honey and tea tree oil to the U.S. through Naturally Australian Products.
The company, which is expected to reach $1.6 million in monthly revenues next month, is working with Southern Cross University on research into the health benefits of medical cannabis honey. The recent cash infusion was provided by technology investment company EVE Investments in return for a 50 percent interest in Jenbrook. EVE is traded on the Australian Stock Exchange under the symbol EVE.
Jenbrook also extracts “meluka” honey, which the company claims could be used as a potential treatment for “certain human diseases.”
“…Indications of strong US customer demand have been confirmed by Jenbrook for both (meluka and cannabis) honey product opportunities, through its established US sales channels,” states a press release from EVE.
The deal will be completed through the formation of a new company, NewCo, that will be a 50/50 joint venture between EVE and Jenbrook. Jenbrook will initially see $100,000 and the remaining $1.39 million will be paid “upon satisfactory completion of a number of conditions” including scientific validation of both honey products.
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