Althea Group Holdings Limited (ASX:AGH) a global leader in the manufacturing, sales and distribution of cannabis-based medicines and recreational cannabis products has received commitments from institutional and sophisticated investors to raise approximately $10.64m.
The Placement received strong demand from existing institutional shareholders, new institutional investors and new sophisticated investors.
Canaccord Genuity Australia Limited acted as Lead Manager to the placement.
CEO, Joshua Fegan, said the proceeds will be used to fund a range of growth initiatives across the company’s pharmaceutical business Althea, to support further expansion in Australia, Europe and other international markets, and to fund general working capital.
We are very pleased to have received strong interest for this capital raising. The additional funding will fuel a range of strategic growth initiatives in our pharmaceutical business, and I’d like to take this opportunity to thank our new and existing shareholders for their support,” Mr Fegan said.
“We look forward to updating the market with news regarding our progress in established territories, as well as our ongoing international expansion.”
