Cann Group Raised AUS$58.7 Million

 

Cann Group ( ASX: CAN) (OTC: CNGGF) announced an increase to its capital raise, boosting it to $58.7, seling  by shares $2.50 in a deal underwritten by Canaccord Genuity. Aurora Cananbis (TSX: ACB) (OTC: ACBFF) participated in the offering, boosting its stake from 19.9% to 22.9%, investing $26mm. Directors of the company intend to invest $1.3mm, raising the total offering to $60mm. The deal is expected to close January 15th.

We can now move forward with full certainty on our phase 3 expansion program, which includes the development of a 16,000m² greenfield facility. incorporating some 9,600m² of flowering production area. In addition, we can progress plans for the development of further production sites located on a strategic basis to help mitigate production-related risks.

Peter Crock, CEO

The export opportunity is now being evaluated by the relevant authorities and I expect an announcement in the near future. Leading into 2018 and beyond, the Company will continue to deliver on its strategic objectives and milestones, with an immediate focus on phase 3 expansion programs.

Before this cannabis stock news is here, it's published to subscribers on 420 Investor.

Published by Alan Brochstein, CFA

Based in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV.


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