Wuhan General Group Inc. is undertaking a strategic reorganization to capitalize on the medical marijuana and psilocybin mushroom industries.
The move aims to align the business with the company's three primary growth strategies: optimizing the core value, boosting health and well-being product lines, and accelerating the distribution of new business models.
Wuhan noted that Jeffrey Robinson replaced Ramy Kamaneh as CEO, while Kamaneh transitioned to the role of CFO at the company.
In June, Wuhan acquired 49% of assets held by Biodelta Nutraceuticals Ltd., a Cape Town, South Africa-based manufacturer of CBD products, for about $1.6 million in cash.
The assets, which included land, buildings, infrastructure and specialized greenhouse and drying ovens, became part of Wuhan's operational facility in South Africa.
Robinson noted that the joint venture partnership between Wuhan and Biodelta was a catalyst for the company's reorganization.
Wuhan General develops and commercializes a range of CBD-based products through its subsidiary MJ MedTech.