Beleagured cannabis company Nutritional Holdings is fighting to hold onto its JSE listing
The Durban based company issued a cautionary notice on 15 November 2022 saying it has successfully staved off a liquidation application and that it is trying to reconsolidate the business.
16 November 2022, 09:00:00
Nutritional Holdings says it is determined to hang on to its JSE listing and that the company has successfully stayed off its liquidation until a court hearing on 20 January 2023. But it’s auditors appear to have quit and it’s in the process of scrambing back into compliance.
The company released a cautionary announcement on 15 November 2022 on the JSE’s SENS, saying that it had approached a new firm of auditors “to assist with the audits and is also consulting with W Consulting in terms of the approach on how to consolidate certain of the subsidiaries of Nutritional Holdings”.
It said “Shareholders are also advised that the termination of the listing remains under advanced consideration by the JSE. The Board and supporting shareholder/investors have lodged an appeal with the JSE to allow the Company to remain listed, which is considered to be in the best interest of all stakeholders.. Accordingly, shareholders are reminded to continue to exercise caution when dealing in their securities”.
Nutritional Holdings has endured a torrid ride in the past year, with several deals falling off the table and licensing issues with its cannabis cultivator, Ukukusela Holdings.
Ukukusela, which claimed to have large orders to provide cannabis-related supplements to German and Japanese firms, has not yet been granted a SAHPRA license, and its dry-foods business, selling milk powders and porridge to prisons and school hostels, is unprofitable.
Ukukusela initially claimed to have a cultivation license in Lesotho, but the company said earlier this year that it was applying for a SAHPRA license with the assistance of Alvero. However, no detail has since emerged, Ukukusela is not operating and the company never gave details about where it sourced its cannabis, who its German and Japanese buyers might be, what the supplement was called and where it was produced.
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