As Tasmanian success story Bellamy’s looks set to leave the ASX via a Chinese takeover, hemp-based food and nutraceutical brand 13 Seeds hopes to take its place.
The company has kicked off its run at the boards, looking to raise up to $6 million at 20¢ a share in an initial public offering that will be open until December 3.
If successful, 13 Seeds would have a $15 million market capitalisation on listing.
PAC Partners was lead manager on the offer and is no stranger to the cannabis related stock world. The broker has also done work for ASX-listed pot stock Althea in the past.
13 Seeds’ similarities to Bellamy’s don’t just stop at being Tassie born and bred.
As with the formula company that produces no milk, 13 Seeds doesn’t grow its own hemp.
Instead, the company sources it through contract growers and partners on the island.
13 Seeds generated $230,000 revenue in the 2019 financial year through sales of its 15 food products and 10 skin care products.
Funds were told the company experienced 12.8 per cent compound monthly online sales growth during the 2019 financial year.
The company has a December 19 listing date in its sights.