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Highlands Natural To Focus On CBD Operations, Divest Resources Unit

Wed, 04th Sep 2019 12:06

(Alliance News) - Highlands Natural Resources PLC on Wednesday said Chair & Chief Executive Robert Price has resigned and the company is planning to close its natural resources business to focus on Cannabidiol, or CBD.

Shares in Highlands were trading 27% lower at 5.06 pence each in London.

Nick Tulloch, currently finance director, has been made CEO and the company is seeking to appoint a new chair "in the coming weeks".

The company is also planning the "orderly sale or closure of its natural resources business" to focus on its Zoetic CBD business. Cannabidiol, or CBD, is found in cannabis and has potential benefits as a treatment for pain and anxiety.

Outgoing CEO Price has offered his assistance with the natural resources exit and Highlands is currently "negotiating with him in regard to a possible sale of some or all of the natural resources assets to him".

Highlands said its natural resources business has a number of liabilities, particularly taxes on its East Denver project production and abandonment costs for operations in Montana.

According to Highlands, the potential capital value and cashflow of its East Denver project is higher than these liabilities but any future capital contribution from the natural resources portfolio would be hurt by the lack of upside on its earlier stage projects.

Highlands has recently received invoices for work at its natural resources business, which will not repeat under the new strategy.

The company has also increased its Zoetic inventories in advance of presentations to possible new customers.

Given the invoices and the inventory increase, Highlands has decided to fully drawn down its USD500,000 loan to fulfil costs. The sale of the natural resources assets is expects to produce enough funds to repay the bank facility.

More News
9 Sep 2019 14:39

Highlands Natural Changes Name To Zoetic On Cannabidiol Market Focus

(Alliance News) - Highlands Natural Resources PLC on Monday said it will change its name to Zoetic International PLC with immediate effect as it begins to focus solely on its cannabidiol natural

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19 Aug 2019 11:13

Highlands Natural Raises GBP354,000 Via Placing, Announces Cost Cuts

(Alliance News) - Highlands Natural Resources PLC said on Monday that it has secured GBP354,000 through a share placing and that it is implementing cost reducing measures until the Zoetic product

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2 Aug 2019 12:40

Highlands Natural Resources Inks CBD Supply Agreement With Cellulac

(Alliance News) - Highlands Natural Resources PLC on Friday said it has signed a two-year cannabidiol supply deal with Cellulac PLC.Shares in Highlands were up 12% at 7.52 pence in mid day

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25 Jul 2019 12:04

Highlands Natural In Revenue Fall And Widened Losses, Mulls US Listing

(Alliance News) - Oil and gas and cannabidiol products maker Highlands Natural Resources PLC said on Thursday that its revenue fell and losses deepened in its recently ended financial the year 31,

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6 Jun 2019 11:45

Schrader Family Takes GBP100,000 Worth Of Highlands Natural Resources (ALLISS)

LONDON (Alliance News) - Highlands Natural Resources PLC on Thursday said members of the Schrader family have subscribed for 1.0 million new shares in the company at a price of 10 pence Schrader

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9 May 2019 15:05

Highlands Natural Resources Expects 2019 Cash Flow To Cover Overheads

LONDON (Alliance News) - Highlands Natural Resources PLC on Thursday said it expects to generate enough cash flow to cover its overheads in 2019 and it is on track to finish planting hemp for its

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9 May 2019 10:18

Highlands upbeat on progress with oil, gas and cannabis

(Sharecast News) - Highlands Natural Resources updated the market on progress at its East Denver project and Zoetic Organics on Thursday, reporting that at East Denver, combined oil production from the eight producing wells was currently about 2,700 barrels of oil per day, with combined gas production sitting at 4,000 million cubic feet per day.

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16 Apr 2019 13:17

Highlands Natural Resources Appoints Nick Tulloch As Finance Director

LONDON (Alliance News) - Highlands Natural Resources PLC said Tuesday it has appointed Nick Tulloch as finance director with effect from the second quarter of 2019.Tulloch will be replacing

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1 Apr 2019 13:01

Highlands Natural's Zoetic Organics Inks First Distribution Pact In US

LONDON (Alliance News) - Highlands Natural Resources PLC said on Monday that its subsidiary Zoetic Organics has signed first retail distribution and sales agreement with Schrader Oil and Ox is a a

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20 Mar 2019 09:23

Highlands Natural Resources Raises GBP1.6 Million For Cannabis Plans (ALLISS)

LONDON (Alliance News) - Highlands Natural Resources PLC on Wednesday said it raised GBP1.6 million through a share placing, beating its target of "at least" GBP1.3 million, in order to

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19 Mar 2019 18:16

Highland Natural Resources To Raise Funds For New Cannabidiol Venture (ALLISS)

LONDON (Alliance News) - Highland Natural Resources PLC said Tuesday it will look to raise at least GBP1.3 million through a share placing on PrimaryBid.com in order to established a new in will a

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25 Feb 2019 14:50

Highlands Natural Resources's East Denver Pad Achieves 4,600 Barrels

LONDON (Alliance News) - Highlands Natural Resources PLC on Monday said its East Denver pad achieved initial production rate of 4,600 barrels of oil equivalent per day during the flow-back expect

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28 Jan 2019 10:53

Highlands Natural Resources Starts Gas Sales At East Denver Project

LONDON (Alliance News) - Highlands Natural Resources PLC on Monday said it has commenced gas sales from all the eight wells at its East Denver project.The company announced it started from

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28 Jan 2019 10:43

Highlands Natural Resources begins full gas sales from East Denver

(Sharecast News) - Highlands Natural Resources announced on Monday that gas sales from all eight wells at the East Denver project had now begun, following completion of the gas pipeline.

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