Last Friday brought a slew of updates from ASX-listed Australian medicinal cannabis companies looking to finance their next stages of growth.
Bod Australia announced it had received firm commitments to undertake a A$8 million placement having entered into a trading halt a day earlier. It will use the money to accelerate product launches and expand internationally.
Meanwhile, Althea was looking to raise $9 million via a $6 million placement and a $3 million share purchase plan, according to terms sent to funds. The money raised would be used for sales and marketing, R&D and inventory.
ECS Botanics successfully completed a $4 million capital raising while Zelira Therapeutics received a $1.378 million cash refund under the Government’s R&D Tax Incentive Scheme.
Funds will be used to speed up a range of product launches into global markets including insomnia treatment Zenivol, Hope for Autism and a new CBD-Toothpaste and to advance ongoing clinical and product development programs.