Lahore: Citi Pharma Limited has officially announced its expansion into the cannabis sector following a significant shareholder decision made during the company's Extraordinary General Meeting on September 18, 2026. The meeting, which took place at the company's head office in Johar Town, Lahore, saw the absence of the Board Chairman, Mr. Muhammad Nadeem. Consequently, Mr. Zameer ul Hassan Shah, a director of the company, was elected by attending members to preside over the proceedings, adhering to Section 134(5) of the Companies Act, 2017.
The meeting's agenda included both ordinary and special business items. Initially, shareholders confirmed and adopted the minutes of the previous Extraordinary General Meeting held on July 8, 2026.
The pivotal point of the meeting was the special business concerning the alteration of the company's Memorandum of Association. The shareholders approved a special resolution authorizing the company to undertake an array of activities related to cannabis, industrial hemp, medicinal cannabis, and marijuana. This alteration, as stipulated by Section 32(1)(c) of the Companies Act, 2017, will allow the company to engage in activities such as cultivation, research and development, processing, extraction, manufacturing, and distribution, among others. The resolution mandates compliance with applicable laws and the acquisition of necessary licenses and approvals from the Cannabis Control and Regulatory Authority (CCRA) and other relevant authorities.
According to information available from the Pakistan Stock Exchange (PSX), this strategic move by Citi Pharma Limited is expected to position the company advantageously within a burgeoning market category, as it seeks to leverage opportunities in the cannabis industry.
The special resolution was passed with the requisite majority, showcasing robust shareholder support for the company's new direction. The Chief Executive Officer and Company Secretary have been authorized to proceed with necessary actions and modifications as advised by regulatory bodies such as the Securities and Exchange Commission of Pakistan, CCRA, and the Pakistan Stock Exchange Limited.