SASKATOON, Saskatchewan–(BUSINESS WIRE)–CanniMed Therapeutics Inc. (“CMED” or the “Company”), a leading plant biopharmaceutical company specializing in the production of pharmaceutical-grade cannabis, announced today that it has successfully completed an initial public offering of its common shares (the “Offering”). In connection with the Offering, CMED issued 5,000,000 common shares at a price of $12.00 per common share, resulting in aggregate gross proceeds to CMED of $60,000,000. CMED’s common shares will begin trading today on the Toronto Stock Exchange under the symbol “CMED”.
“CanniMed’s IPO represents a major milestone for the company and provides us with additional capital to support our continued growth, both in Canada and internationally,” said Brent Zettl, co-founder and Chief Executive Officer of CMED. “We believe we are at the early stages of a tremendous growth opportunity for medical cannabis, and CanniMed is focused on becoming the supplier of choice in the medical community and with patients who are looking for consistent, high-quality treatment alternatives in delivery forms that align to traditional methods.”
The Offering was made through a syndicate of underwriters led by AltaCorp Capital Inc. and including Canaccord Genuity Corp., Clarus Securities Inc., Mackie Research Capital Corporation and Haywood Securities Inc. CMED has granted the underwriters an over-allotment option, exercisable in whole or in part, for a period of 30 days following the closing of the Offering, to purchase up to an additional 750,000 common shares at $12.00 per common share.
Borden Ladner Gervais LLP acted as counsel to CMED and Stikeman Elliott LLP acted as counsel…