A Chinese-owned firm, Yongji Health, has completed the acquisition of a controlling stake in Tasmanian Botanics, one of Australia’s largest medicinal cannabis cultivators located in Pontville, north of Hobart. The deal, valued at A$31 million, sees Yongji Health take an all-but-full ownership position in the Tasmanian operation.

Yongji Health, a subsidiary of the Shanghai Stock Exchange-listed Guizhou Yongji Printing, purchased the remaining 52.69 per cent stake in Pijen, the holding company that owns 96.49 per cent of Tasmanian Botanics. This transaction was completed in September 2026. Prior to this, Yongji Health had already been a significant shareholder, holding an indirect stake of approximately 45.6 per cent in Tasmanian Botanics since around 2019, according to ABC News. The shares were acquired from the founding Fehlberg family members: Marlene Anne Fehlberg, Rodney David Fehlberg, and Tony Alan Fehlberg.

Despite the change in majority ownership, Tasmanian Botanics chief executive Craig Knight stated that it is “business as usual” for the company’s staff and customers. Speaking to ABC Radio Hobart, Mr Knight affirmed that the jobs of the site’s more than 150 staff are secure, with no plans to bring in external management. He indicated that the new owners are keen to maintain the company as it is, “if not bigger,” and that there are “no issues around job security or change to operations.” Mr Knight acknowledged that foreign ownership “sounds ominous in some ways.”

Tasmanian Botanics, which commenced operations in 2017, is recognised as Australia’s largest medicinal cannabis cultivator. The Pontville facility includes a greenhouse with weekly harvests and a 2.5-hectare outdoor crop, collectively harvesting around 100,000 plants each year.

Yongji Health’s parent company, Guizhou Yongji Printing, primarily focuses on printing cigarette packaging. Beyond Tasmanian Botanics, Yongji Health also owns Phytoca, an Australian medicinal cannabis importer, which it acquired in a separate A$62 million deal. This acquisition positions Yongji Health with a substantial presence across various segments of Australia’s medicinal cannabis industry. The deal occurs amidst increasing competition in the Australian medical cannabis market from international producers, including those from Thailand.

For further details, readers can refer to the original report by ABC News (Tasmania) at https://www.abc.net.au/news/2026-09-29/chinese-company-buys-tasmanian-botanics-cannabis/107206340.