Canadian company Avicanna, a cannabinoid-based products developer, announced Wednesday afternoon it has gained a receipt for its final prospectus filed in connection with its completed special warrant offering for gross proceeds of around C$22.1 million ($16.9 million).
The raise was led by Sprott Capital Partners and included other investors like Paradigm Capital.
In addition, the company announced it has gained conditional approval from the Toronto Stock Exchange for the listing of the common shares. Avicanna’s shares are expected to start trading on TSX under the ticker symbol AVCN, and listed as an Industrial Research & Development issuer.
Commenting on the issue, Avicanna's President Setu Purohit told Benzinga, “Approval to list on the Toronto Stock Exchange (TSX) senior board as an R&D issuer is a major milestone in Avicanna’s development and provides validation of our focus on responsible research and development of cannabinoid-based products. The TSX is one of the world’s largest exchanges and will provide Avicanna and its shareholders with greater reach and visibility to an international audience and investor base.”
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Avicanna is an Ontario-based corporation that works on producing plant-derived cannabinoid-based products via its two leading business sectors: cultivation, and research and development. The company runs two subsidiaries Santa Marta Golden Hemp S.A.S., and Sativa Nativa S.A.S., both representing the base for its cultivation business.
Benzinga Cannabis first reported on Avicanna in 2017, following its admission into JLABS @ Toronto. We have since discussed its Colombian operations, its exclusive focus on medical use cannabis, and its joint venture with El Grupo Daabon, the largest organic agriculture company in South America, in operation for more than 100 years.
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