Citi Pharma gets shareholder nod to alter memorandum for cannabis business

September 18, 2026 (MLN): Citi Pharma Limited (PSX:CPHL) shareholders approved a special resolution to amend the company's Memorandum of Association, allowing it to enter the cannabis and industrial hemp business.

The resolution was passed at the Extraordinary General Meeting (EGM) held on Friday, September 18, 2026.

Shareholders confirmed the minutes of the previous EGM held on July 8, 2026, before taking up the special business.

Under the approved amendment, a new Clause No. 38 has been inserted under Clause III of the Memorandum, permitting the company to undertake cannabis, industrial hemp, medicinal cannabis, marijuana and allied activities.

These include cultivation, research and development, processing, extraction, manufacturing, storage, transportation, import, export, distribution, marketing and sale, along with other related and ancillary operations.

The company clarified that all such activities will be carried out strictly in accordance with applicable laws, subject to obtaining requisite licences, registrations, permissions and approvals from the Cannabis Control and Regulatory Authority (CCRA) and/or any other competent authority.

Shareholders further authorized the Chief Executive Officer and/or Company Secretary to carry out any acts, deeds and modifications required or advised by the Securities and Exchange Commission of Pakistan (SECP), the CCRA, PSX or any other competent authority in connection with the resolution.

The special resolution was passed by the requisite majority.

The aforementioned information was disseminated through a notification to Exchange.

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