Charlie Shahin from the billionaire Adelaide Shahin family buys into medicinal cannabis company Vitura
The member of Adelaide’s billionaire Shahin family has taken a significant stake in a new firm.
Charlie Shahin of Adelaide’s billionaire Shahin family, which was formerly behind the OTR petrol and convenience store empire, has bought a significant stake in medicinal cannabis and telehealth firm Vitura.
The company told the ASX on Wednesday that Professor Shahin’s company AFO Investments would invest $5.2m into Vitura for an 11.4 per cent stake.
The money will be used to fund Vitura’s $4m purchase of Candor Medical, which it also announced on Wednesday.
Vitura owns Burleigh Heads Cannabis, which in turn owns Canview, which prescribes and supplies medicinal cannabis.
The company said Canview is being developed into a healthcare platform that will provide a best-in-class user experience in the medicinal cannabis field.
Vitura also owns telehealth company Doctors on Demand, half of psychedelics company Cortexa, telehealth company CDA Clinics and a majority stake in Cannadoc.
Vitura said Candor would be acquired for $5.9m from founders Joel and Dr Lisa Beckett, who would stay on with the business.
“Candor Medical … is one of Australia’s leading and best-known medicinal cannabis clinic businesses, providing consultation services to around 15,000 patients, resulting in nearly $30m in annual medication purchases via pharmacies,’’ Vitura said.
The business would be bought for $4m in cash and the remainder in shares.
Professor Shahin is one of the three Shahin brothers, with Yasser and Sam, who grew their father Fred’s Adelaide petrol retailing and convenience business into an empire turning over about $2.7bn annually.
The family sold the business to Viva Energy for $1.15bn in 2023.
“I am delighted in becoming a major shareholder in Vitura,’’ Professor Shahin said in a statement.
“The business is well-positioned for growth and I look forward to supporting Vitura in its growth platforms.”
Vitura chair Robert Iervasi said the company was pleased to welcome a business leader of Professor Shahin’s calibre to the company.
“As a major shareholder of the company, Charlie will bring to Vitura a wealth of experience,’’ he said.
“Charlie’s investment is an important validation of the potential of Vitura and our strategy reset, and the importance of providing patients with options in how they access healthcare in Australia.”
Vitura shares were 6.3 per cent higher at 8.4c in afternoon trade.
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