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.

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Petey Wheatstraw

Hi, my name is Petey Wheatstraw. I'm an avid marijuana smoker, writer, devoted father and non-profit minion-- not necessarily in that order. A Chicago native I've lived in the Bay Area since 1996. Click Here for Free Cannabis