Cannabis IPO raises CA$60 million

Licensed medical cannabis producer CanniMed Therapeutics completed an IPO Thursday, listing on the Toronto Stock Exchange and raising about 60 million Canadian dollars ($45 million).

The company, based in the central Canadian province of Saskatchewan, sold five million shares for CA$12 per share, according to a press release.

Spring 2017 MJBizConCanniMed is the second marijuana-touching company listed on the Toronto Stock Exchange, which is the only major North American exchange that lists marijuana-touching companies. In July, Canopy Growth Corp. of Ontario, Canada, became the first marijuana-touching company to list on a major North American stock market when it listed on the TSX.

CanniMed closed Thursday trading at CA$10.65 per share and opened Friday at CA$10.97 per share.

“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 CanniMed. “We believe we are at the early stages of a tremendous growth opportunity for medical cannabis.”

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