Cannabis company CiiTECH has successfully completed a £2.1 million capital raise as it prepares to go public.
The company announced on Tuesday 7 July that it has successfully raised £2.1 million through the issue of Convertible Loan Notes ahead of a reverse takeover.
Investors include FastForward Innovations Ltd and others, including professional family offices and ultra-high-net-worth individuals.
The capital will be used to fund CiiTECH’s marketing strategy, invest in new talent, build essential operational infrastructure to support future growth and finance the planned reverse takeover of the company.
The company intends to apply for the admission of its ordinary share capital as enlarged by the acquisition of CiiTECH to the Standard Segment of the Official List and to trading on the Main Market of the London Stock Exchange (LSE).
CiiTECH has generated over £7 million in revenue since its inception in 2017, and has built a portfolio of consumer CBD brands, including Provocan, Impact Sports and Hugg.
Clifton Flack, founder and CEO of CiiTECH said the company is pursuing a number of ‘new opportunities’, and would soon be rolling out its cannabis healthcare education platform.
He commented: “We are pleased with the strong interest in this fundraise, which enables us to continue implementing our aggressive growth strategy.
“We are grateful to all investors supporting our fundraising efforts and look forward to completing the RTO of FPP and becoming a listed business.
“We would like to thank Chrystal Capital Partners LLP, who acted as our exclusive financial adviser, for playing a critical role in not only raising the capital but also finding an optimal capital markets partner in Fragrant Prosperity.
“Our science-led approach focuses on identifying clear product needs in our chosen territories and then sourcing solutions for these new markets. We are pursuing a number of exciting opportunities, including rolling out our CBD wellness brand portfolio in Israel and South Africa, whilst implementing our medical cannabis strategy through a number of global supply chain partnerships.
“Our consumer cannabis brands are soon to be supported with the launch of our ‘Cannabis Healthcare Education Course’ that is being rolled out as part of our localised and segmented B2B marketing strategy.”
Chrystal Capital Partners LLP, Europe’s leading cannabis corporate finance and investment house acted as exclusive financial adviser.
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