Canadian-based Xebra Brands has announced its funding round was oversubscribed by a huge 50 per cent.
The private placement raised gross proceeds of C$1.8m through the issuance of 15,000,000 units at a price of $0.12 per unit. The company has stated that it intends to use the proceeds for general working capital purposes.
Xebra has been making international headway recently in medical cannabis. The company is one of just five selected by the Dutch government for the country’s medical cannabis cultivation pilot project.
Read more: First harvest of Xebra crop in Netherlands successful
Recent announcements from the company have confirmed that its cultivated cannabis has been harvested and shipped for inspection by the Dutch Government. Under the scheme the company is aiming to be awarded one of two licenses, which it says will provide government guaranteed revenues for each company of a minimum of ~€70.5m.
In March, the Supreme Court of Mexico also issued and recorded the official final written resolution through which Xebra’s wholly owned Mexican subsidiary, Desart MX, SA de CV, has been granted an injunction, that furthers its outright first-mover-advantage in the Mexican cannabis market.
The final steps are for the Federal Circuit Court to enforce the Supreme Court’s final decision and to direct the Mexican Health Regulatory Agency (COFEPRIS), to grant Xebra Mexico all authorisations to commence formal operations of cannabis activities.
Xebra has stated it is aiming to commence commercial cannabis activities this calendar year 2022.
As well as Europe and Mexico, the company is making progress in Canada. It has recently announced that its Vicious Citrous cannabis infused lemonade has been accepted by the Ontario Cannabis Store (OCS), for listing and sale in the Province of Ontario, Canada.
The product combines 10mg of THC with 2mg of CBN making it one of only a few beverages in Canada containing CBN, a unique cannabinoid that is booming in interest across North America.
Commercial production is scheduled for 20 June 20, and the product is expected to be available on store shelves in Ontario by summer 2022. Xebra has stated that the product is believed to be the one and only cannabis product in Canada that utilises emulsion IP that has undergone Phase I human clinical trials carried out with the approval of Health Canada.
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