We are pleased to announce that Cann Group (ASX:CAN) has successfully raised $14.3 million via an institutional placement. Funds raised will be used to progress product development, R&D, market development and fund working capital requirements. A shareholder purchase plan is now open to raise up to a maximum of $10 million.

Cann Group was issued Australia’s first Medicinal Cannabis Cultivation Licence, which authorised the company to produce Australia-grown cannabis for medicinal purposes. Cann Group has established R&D and cultivation facilities in Australia to facilitate the supply of medicinal cannabis for a range of diseases and medical conditions.