An Australian medical marijuana company raised $20 million Australian dollars ($14.6 million) in its preliminary public providing and can start buying and selling Friday on the Australian Stock Exchange.
Melbourne-based Althea Group will use the proceeds to fund a hashish manufacturing facility, the Australian Associated Press reported.
The company bought its shares for 20 Australian cents apiece, giving it a market capitalization of AU$40.6 million, the information company reported.
Althea will use the funds to construct a facility in Victoria state to develop about three tons of dried medical hashish flower per yr. It additionally plans to extend its gross sales of imported merchandise.
The company is licensed to import, domesticate, produce and provide medical hashish and commenced promoting 4 oil-based merchandise and one dried product in May.
It may also obtain provide from Canadian hashish company Aphria, which can personal a 25% stake in Althea as soon as the preliminary share providing is full, in line with the report.
The corporations entered right into a three-year product, plant and genetics acquisition settlement, which provides Aphria entry to the Australian market.
Althea will commerce beneath the ticker image AGH.