Australian businesses looking to enter the nation’s nascent medical cannabis market are doing plenty of prep work, including raising millions and signing partnership deals.
Within recent days, Perth-based AusCann was at the center of two such related developments. The publicly traded company on Wednesday revealed it is attempting to raise 10 million Australian dollars ($7.4 million), according to the Australian Financial Review, by selling 20 million new shares. The money would be used for growing and manufacturing MMJ products.
A spokesman for Tasmanian Alkaloids said the company hopes to have MMJ products ready for sale within two to three years.