Cann Group: Announces $20m capital raise

Cann Group Announces $20m capital raise

• Cann Group (CAN) is looking to raise $20 million in extra cash via a placement and share purchase plan (SPP)
• The company came out of a trading halt on Monday morning to announce it had already received commitments to raise $10M via the placement
• Among those investing in the medicinal cannabis business are several CAN directors, who subscribed for $1M worth of shares
• The funds from the capital raise will help CAN upgrade numerous sectors within its Mildura facility and expand its Satipharm distribution
• Cann shares closed down 15.8 per cent at 32 cents each on Monday, July 26