Cannabis group Cansortium raises $56 million-plus ahead of IPO

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Miami-based Cansortium, a vertically integrated cannabis operator, said it raised just over $56 million in funds ahead of its initial public offering (IPO).

The company will use the net proceeds for continued expansion of its medical cannabis operations in Florida, Michigan, Pennsylvania, Texas, Puerto Rico, Canada and Colombia for repayment of debt and for general working capital purposes.

Cansortium, which operates under the brand Knox Medical, has four cultivation facilities and 11 dispensaries across Florida, Pennsylvania, Texas and Puerto Rico, with licensing pending in Michigan and Canada.

The Miami firm also has a licensed cultivation facility in Colombia.

Cansortium will trade on the Canadian Securities Exchange under the ticker symbol TIUM.U.

For more details on the raise, click here.