New Zealand Cannabis Company Helius Therapeutics Raises $12.8M

New Zealand cannabis company Helius Therapeutics has raised NZ$20 million ($12.8 million) to support facility expansion and clinical trials, according to Marijuana Business Daily.

The company plans to transform itself into a vertically-integrated cannabis company from the one doing research exclusively, once the medical cannabis industry begins in New Zealand this April, according to the outlet.

"This will be a combination of expanding our main site, which is a precision-controlled (good agricultural and collection practices) indoor facility in East Tamaki, Auckland, while developing our second site under glass, focused on CBD production," co-CEO Paul Manning said in a statement.

The new capital will be also used for the support of clinical studies, as the company has already entered a memorandum of understanding with two clinical trial groups: Southern Clinical Trial Group, and Lakeland Clinical Trial Group.

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In addition, the company plans to double the size of its cultivation facility and to attain European Union Good Manufacturing Practice certification this year.

Last year, Helius raised NZ$15 million, attaining in that manner a stable financial position.

"We have no debt and presently the entire NZ$20 million in additional funding is available to execute our strategy," Manning said.