MediCann Health has raised A$757,000 from 559 investors via crowdfunding platform Birchal as it looks to open a dedicated cannabis dispensary in WA.
With eight days of the campaign still to run, the firm is looking to raise up to $1.95m to fund the dispensary, expand its medicine range and grow its sales and support team.
MGC Pharmaceuticals has completed the consolidation of its total issued capital on a 1:1,000 basis following shareholder approval along with the settlement of a US$7.9 million share placement announced last week.
Managing director and CEO Roby Zomer said: “I am delighted to announce that the company has successfully concluded its full capital restructuring and refinancing, thanks to the backing of a number of strategic, high net-worth investors from the US and Europe.
“These individuals fully understand the company’s long-term potential and are committed to supporting its operations, execution of the business plan to maximise the MGC Pharma enterprise value and shareholder returns.
“As of today, our company is now fully funded and well-positioned to proceed with the execution of its pharmaceutical work plan for 2024.”
In September, the firm flagged a restructure in a bid to secure its future in the face of “dire alternatives”.
ASX-listed Bod Science remains in a trading halt while it finalises details of a capital raise flagged last week.
The voluntary suspension will remain in place until the company makes an announcement to the market regarding the raise, or the start of trading on Wednesday (November 8).
UPDATE (November 8): Bod is now trading again after announcing details of a placement to raise more than A$2 million.