Medicinal cannabis company MMJ Phytotech has raised $4 million in a placement as it moves to spin-off its two subsidiaries into a Toronto Stock Exchange’s Venture Exchange-listed entity.
The company accepted $2 million in oversubscriptions on the placement priced at a discounted 20.5 cents.
MMJ plans to spin-off its two subsidiaries United Greeneries Holdings and Satipharm in TSE-listed Top Strike Resources.
The board hopes the new entity will be trading on the TSE by the end of the year subject to due diligence and shareholder approval.
MMJ said the deal would provide its shareholders with exposure to the rapidly growing recreational and medicinal cannabis markets in Canada, which are expected to be worth $C8 billion by 2024.
Read more at The West Australian