- Medicinal cannabis company Cann Group (CAN) has entered a trading halt ahead of an upcoming capital raise
- The company will be in the halt until Friday, July 17, or when details of the capital raise are released to the market
- Earlier this month, Cann was awarded a grant of nearly $2 million under the Victorian Government’s Regional Jobs Fund
- Funds from the grant will be used for electricity upgrades at its planned cannabis cultivation facility in Mildura, Victoria
- Company shares last traded for 82 cents each on July 15
Medicinal cannabis company Cann Group (CAN) has entered a trading halt ahead of an upcoming capital raise.
The company will be in the halt until Friday, July 17, or when details of the capital raise are released to the market. It is unsure how much the capital raise is and what the funds will be used for.
Earlier this month, Cann was awarded a grant of nearly $2 million under the Victorian Government’s Regional Jobs Fund.
Funds from the grant will be used for electricity upgrades at its planned cannabis cultivation facility in Mildura, Victoria.
CEO Peter Crock is pleased with the support from the Victorian Government.
“Our plans to develop commercial-scale production capacity at Mildura are central to the company’s strategy of being a fully integrated medicinal cannabis company that can service both Australian domestic patients and access valuable overseas markets,” he said earlier this month.
Company shares last traded for 82 cents each on July 15.