Citi Pharma Limited (PSX: CPHL) has received shareholder approval to amend its Memorandum of Association, enabling the company to enter the cannabis and industrial hemp business. The special resolution was approved at the company’s Extraordinary General Meeting held on Friday, September 18, 2026, allowing Citi Pharma to formally include a broad range of cannabis-related and industrial hemp activities within its corporate objectives.
Before considering the special resolution, shareholders confirmed the minutes of the previous Extraordinary General Meeting held on July 8, 2026. The meeting then proceeded to consider the proposed amendment to the company’s Memorandum of Association. The resolution received the requisite majority, allowing the company to introduce a new provision covering its proposed activities in cannabis, industrial hemp and related areas.
Under the approved amendment, a new Clause No. 38 has been inserted under Clause III of Citi Pharma’s Memorandum of Association. The new clause permits the company to undertake activities involving cannabis, industrial hemp, medicinal cannabis, marijuana and allied businesses. The amendment provides a broader corporate framework for the company to participate in activities connected with these sectors, subject to the legal and regulatory requirements applicable to each activity.
The activities covered by the new clause include cultivation, research and development, processing, extraction and manufacturing. The scope also extends to storage, transportation, import, export, distribution, marketing and sale. In addition to these specified activities, the amendment allows the company to undertake other related and ancillary operations associated with the cannabis and industrial hemp business, giving Citi Pharma a wider range of potential activities under its revised corporate objectives.
Citi Pharma clarified that the inclusion of these activities in its Memorandum of Association does not mean the company can immediately conduct them without regulatory requirements. The company stated that all such activities will be carried out strictly in accordance with applicable laws. Any business operations covered by the new clause will remain subject to obtaining the required licences, registrations, permissions and approvals from the Cannabis Control and Regulatory Authority (CCRA) and/or any other competent authority.
The shareholder resolution also provides authority to Citi Pharma’s Chief Executive Officer and/or Company Secretary to complete the necessary corporate and regulatory steps associated with the amendment. They have been authorized to undertake any acts, deeds and modifications that may be required or advised by the Securities and Exchange Commission of Pakistan, the Cannabis Control and Regulatory Authority, the Pakistan Stock Exchange or any other competent authority in connection with the approved resolution.
The approval represents a change in the scope of Citi Pharma’s stated corporate activities, adding cannabis, industrial hemp and related operations to the company’s Memorandum of Association. The company can now proceed with the relevant regulatory and administrative processes required for any future activities in these areas, although actual operations will depend on the applicable licences, registrations and permissions.
The move comes as Citi Pharma expands the range of businesses that it may pursue under its corporate structure. With shareholder approval secured, the company has established the formal corporate basis for potential involvement in cannabis and industrial hemp-related activities, while its ability to cultivate, process, manufacture, distribute or sell products in these areas remains subject to applicable laws and approvals from the relevant authorities.
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