Canadian Cannabis IPO raises $45 million
Canadian licensed cannabis producer CanniMed Therapeutics completed an IPO Thursday, listing on the Toronto Stock Exchange and raising about CAN $60 million, or US $45 million.
The company, based in the central Canadian province of Saskatchewan, sold five million shares for CAN$12 per share, according to a press release.
CanniMed is only the second marijuana-touching company listed on the Toronto Stock Exchange, which is the only major North American exchange that lists marijuana-touching companies. In July, Canopy Growth Corp. of Ontario, Canada became the first marijuana-touching company to list on a major North American stock market when it listed on the TSX.
CanniMed closed Thursday trading at CAN $10.65 per share, and opened Friday at CAN $10.97 per share.
“CanniMed’s IPO represents a major milestone for the company and provides us with additional capital to support our continued growth, both in Canada and internationally,” said Brent Zettl, co-founder and Chief Executive Officer of CanniMed.
