The cash will be used to fund the development of Grow’s two core research projects which bosses believe present “attractive potential returns on investment”
UK-based medical cannabis group Grow Biotech has said it plans to go public next year after raising £2mln of seed money.
The company, which has operations in the UK and Canada, only set out to raise £1mln but demand from high net worth individuals and venture capitalists was so strong that the placing was oversubscribed by 100%.
Funding for research projects
The cash will be used to fund a couple of research projects which bosses believe present “attractive potential returns on investment”.
Given the interest from investors and the progression of its two core projects into laboratories, Grow is now looking to IPO in the fourth quarter of next year (2019).
“We are thrilled that our private placement has been so well received by investors in the UK,” said chief executive Ben Langley.
“The proceeds raised will be used to accelerate our recent progress, particularly in our two core research and development projects in the UK and Canada.
“It really is an exciting time for Grow Biotech and for the global medical cannabis market.”
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