UK-based CBD firm Dragonfly Biosciences is seeking to raise A$10 million, issuing 50 million shares at 20 cents each, when it launches on the ASX later this month.
The vertically integrated company owns certified organic farms, extraction facilities and laboratories and will use the funds to accelerate global expansion and product development.
CEO Regan Saveall told Stockhead expanding its crops into Australia was a key attraction of the listing.
He said: “We would be looking to also grow in Australia which would give us a full-year supply because at the moment we are planting around March when the ground is warm and harvesting in August and September.”
“There is another half of the year where we could be cultivating and growing crops in Australia which would be a good way to essentially double our capacity.”
He added: “Australia has a well-developed reputation in the health and wellness industry and, more specific to CBD, has a clear regulatory regime which you don’t necessarily find the world over.”
Finexia Securities will act as lead manager on the IPO and receive five million shares upon successful listing on the ASX.