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Investors may soon have the opportunity to invest in a new cannabis company.
Avicanna, a Canadian cannabinoid-focused company, has filed a preliminary prospectus to go public in Canada. The company plans to apply for its listing on the Canadian Securities Exchange.
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About Avicanna
Avicanna focuses on several product categories, including plant-derived cannabinoid pharmaceuticals, phytotherapeutics, dermacosmetics and extracts. It has not yet sold any products.
In 2017, Avicanna became the first marijuana company to be accepted into Johnson & Johnson (NYSE:JNJ)'s JLABS @ Toronto, an incubation life science center. Avicanna is conducting the bulk of its research and development at the facility.
Last year, the company acquired controlling interests in Sativa Nativa and Santa Marta Golden Hemp, in which it has 70-percent and 60-percent stakes, respectively. Both companies are based in Colombia and are licensed to cultivate and process cannabis plants. Sativa Nativa and Santa Marta are still in the "quota-setting" phase, but Avicanna intends to develop them for obtaining mass-produced and low-cost cannabis extracts.
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Avicanna has entered into several strategic partnerships with companies in the U.S. and Canada that relate to manufacturing and distribution of its products.
About The IPO
Avicanna plans to distribute around 540,500 common shares and 270,200 purchase warrants, according to the preliminary prospectus obtained by Benzinga. Each warrant allows buying one share within 24 months from the closing date at $10 per share.
With the growth of the legal cannabis industry around the world, more cannabis companies are feeling confident enough to go public in order to raise money to fund future growth. Compared to large companies such as Tilray Inc (NASDAQ:TLRY) and Canopy Growth Corp (NYSE:CGC), Avicanna is still in its initial stages.
Avicanna expects to go public in February, provided the application process does not meet any obstacles.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.