Australia's Creso Pharma hits near 1-yr low, gets involved in EverBlu probe

American Cannabis

25/11/2021 02:42

** Shares of cannabis co Creso Pharma  CPH.AX  slide as much
as 9% to A$0.091, their lowest since Dec. 3, 2020
    ** Co says it appears to have become involved in Australian
Securities and Investments Commission's (ASIC) investigation on
its corporate advisor EverBlu Capital  urn:newsml:reuters.com:*:nASX7G4J5G
    ** Creso's chairman was a director at EverBlu and shares
have been plunging ever since the Australian Federal Police
raided the latter's Sydney sites on Nov. 16 as a part of the
ASIC inquiry  urn:newsml:reuters.com:*:nL4N2S80OV 
    ** Co updates its response to ASX's price and volume query
and says it was served a notice by ASIC on Nov. 22 in relation
to the ongoing investigation
    ** Says to distance its operations and governance from the
investigation, co has formed a standalone committee to look into
the matter and the chairman has stepped aside 
    ** Up to last close, CPH shares have lost close to 18.7% in
value since the news broke on Nov. 16, and have fallen 44.4%
this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))