UPA Establishes New Subsidiary to Invest in Hemp and Cannabis for Medical Purpose

United Power of Asia Public Company Limited (UPA) announced that the meeting of the Board of Directors held on 31 March, 2021 has passed a resolution to approve the establishment of new subsidiary Canna Care Company Limited to investment in company or  business in relation to the development and investment in new economic crops of Thailand including hemp and cannabis for medical purpose, with the registered capital of 1,000,000 baht. In this regard, the company shall operate the business in accordance with the relevant laws. The new subsidiary was established on 21 April 2021. 

The investment by the new subsidiary including the investment in the company in collaboration with higher education institutions and community enterprises for the production of cannabis for medical purposes are still under consideration. Therefore, when the Board of Director of the company has passed a resolution for the subsidiary to make any investment,  the company will comply with the Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 (2008) Re: Rule on Entering into Material Transactions Deemed as Acquisition or Disposal Of Asset (as amended) and the Notification of  the Board of  Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts  of Listed Companies Concerning the Acquisition or Disposal of Asset B.E. 2547 (2004) (as amended).