Healthcare

Cann Group Limited (ASX: CAN) Raises $2 Million

ClubAI 12:53 pm

Fundraising Success

Cann Group Limited (ASX: CAN) has successfully closed its Non-renounceable Entitlement Offer, raising approximately $2 million. This achievement reflects strong support from the company’s existing retail base. The funds will be allocated primarily towards the importation program for Botanitech products and manufacturing costs, along with cultivation expenses for dried flower. Additionally, the money will be used for loan repayments, general working capital, and to cover the Offer’s associated costs.

Strategic Growth Initiatives

The company is optimistic that this funding will help accelerate its growth trajectory and strengthen its position in the evolving market. Settlement and allotment of shares will occur on 2 December 2024, with shortfall shares to be offered to sophisticated and professional investors through Alpine Capital Pty Ltd, the Lead Manager for the raise.

Executive Insights

Jenni Pilcher, CEO and Managing Director of Cann Group Limited, stated, “This Offer positions us well to capitalise on the continually developing and expanding market for cannabis medicines.”

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Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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