24 December 2016

Here’s the press release

AusCann will have a focus on medical cannabis and is well positioned to take advantage of the developing market by bringing together a strong team with relevant and complementary skill sets.

The team includes the largest legal producer of medicinal cannabis in North America, Canopy Growth Corp and Chilean medicinal cannabis grower Fundación Daya.

The strong interest from investors represents the high market demand for medical cannabis stocks in Australia.

It is also a reflection of AusCann’s focused growth strategy, high-calibre management team and quality partnerships, including with medical cannabis global leader Canopy Growth Corp.

Canopy is also a substantial shareholder in the company with a circa 11% shareholding upon re-listing.

AusCann has joined the Canopy family of companies and partners that includes Tweed (the most recognised cannabis production brand in the world), Bedrocan, DNA Genetics, Cann Science, Indoor Harvest and Mettrum Health Corp (following its recently announced CAD$430 million acquisition by Canopy).

The funds raised will be used to progress Auscann’s growing licensing application and clinical trials in Australia, with clinical trials expected to encourage practitioners to increasingly consider and prescribe medical cannabis treatments.

Elaine Darby, managing director, commented: “The strong interest we’ve received has been a reflection of the opportunity we have in what is still a nascent industry in Australia.

“AusCann has a clear strategy to supply high quality, economical and clinically validated medicines and we have in place the necessary skills, expertise and intellectual property to enable our operations.”