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.

The views expressed herein are the authors and do not necessarily reflect the opinions of KushCA. As with all investing, there are risks involved. Always consult with a financial advisor.  Click here for the original article. 

 

Petey Wheatstraw

My name is Petey Wheatstraw, also known as Charles Stevens. I'm an avid marijuana smoker, writer, devoted father and non-profit minion-- not necessarily in that order. A Chicago native I've lived off and on in the Bay Area since 1996. Seven years ago I finally settled here to capture the changing face of our communities. Click Here for Free Cannabis