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.
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.”