Forian, the company behind cannabis industry tracking software BioTrackTHC and marijuana analytics software Cannalytics, is raising $24 million in a private placement of convertible notes.
The capital raise will be used “for data acquisition, working capital and general corporate purposes, including potential acquisition or investment in technologies, intellectual property or businesses that complement the company’s business,” Forian said in a news release.
The notes, which carry a 3.5% interest rate, are due in September 2025. They are convertible into Forian shares at a price of $11.98 as well as warrants to purchase stock.
Forian launched in March, the result of a combination of BioTrackTHC and Cannalytics producer Helix Technologies and Medical Outcomes Research Analytics.
Newtown, Pennsylvania-based Forian also competes in the health-care data industry.
The company trades under the ticker symbol FORA on the Nasdaq exchange.