AusCann raises A$33.4 million to advance cannabis therapies

5 July 2018

Medicinal cannabis has been a hot topic in the USA and the UK in recent weeks, and an Australian company joined the party on Thursday with some news of its own.

AusCann (ASX: AC8), which aims to produce and provide high-quality, economical and clinically-validated cannabinoid medicines to patients in Australia and globally, has raised A$33.4 million ($24.7 million) via a share placement.

Institutional and sophisticated investors from North America and Australia supported the placement, which will be used to fund cannabinoid pharmaceutical R&D and clinical studies, expansion of the company’s operations, medical outreach programs in new international markets and working capital.

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