Dosecann secures financing led by MMJ PhytoTech

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In: Biotech and Life Sciences, Private Deals, Ontario

Dosecann Inc. has completed a private round of secured convertible debenture unit financing led by MMJ PhytoTech Limited (ASX: MMJ), raising $##Subscribe today to see our research on this and all other subscriber ONLY items##

MMJ PhytoTech invested $2.5 million in Dosecann at pre-money valuation of $11.5 million.

Each debenture unit shall consist of one 8% unsecured debenture and 500 common share purchase warrants. The debentures will be convertible, at the option of the holder, into common shares of Dosecann at a conversion price of $1.00 per common share. Each warrant entitles the holders to acquire one common share at an exercise price of $1.20.

Mackie Research Capital acted as placement agent. Dentons Canada LLP acted as legal counsel.

CreekStoney, Ontario based Dosecann is developing a suite of cannabis-based health and wellness products for the current medical and future adult use cannabis market. The company is planning construction of a 45,000ft² GMP pharmaceutical level production facility in Canada and aiming to secure Licensed Dealer status by May 2018.

photo credit: Shane Rounce via Unsplash

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.

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