Medical Cannabis Innovator Grow Group Seeks Investors For Series C Fundraising Campaign
Cannabis-focused biopharmaceutical company Grow Group PLC seeks to raise £6 million (US$7.9 million) in Series C funds.
The London-based company aims to use the capital to support further growth of its UK activities and speed-up its international expansion. Its goal is to become the biggest supplier of medical cannabis by patient numbers in the world by 2025.
Grow Group noted that UK taxpayers who decide to support its equity campaign can likely take advantage of Enterprise Investment Scheme tax benefits.
"We've been fortunate to enjoy fantastic support in the past from shareholders who genuinely believe that our laser focus on patient wellbeing will drive ethical commercial success," Grow CEO Ben Langley. "We look forward to welcoming new shareholders to the Grow family at this hugely exciting time for Grow, for the industry, and, most importantly, for patients globally."
Grow is seeking funds from "sophisticated and high net worth investors.”
Also, the recent FCA proclamation that UK licensed medical companies are able to list on a UK stock exchange offers “medium term exit potential.”
"The recent FCA guidance to allow UK licensed medical cannabis companies to list on UK exchanges has finally provided investors the necessary clarity to feel confident in backing this exciting and fast moving industry," Dean Gainsley, Non-Executive Director of Grow and cannabis industry advisor stated. "Coupled with the huge growth of the medical cannabis market around the world, this Series-C raise provides an exceptional window of opportunity to participate in the success of the UKs leading medical cannabis business.”
In addition, Grow Group noted that the European medical cannabis markets is projected to reach $3.3 billion, while the global medical cannabis should account for $14.4 billion by 2024.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.