Dosecann secures financing led by MMJ PhytoTech

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By Ted Liu

Dosecann Inc. has completed a private round of secured convertible debenture unit financing led by MMJ PhytoTech Limited (ASX: MMJ), raising $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″] 7.5 million from 57 Canadian investors from Alberta, BC, Ontario, Quebec and PEI, and MMJ. Founded in December 2016, Dosecann is led by Gregory Boone and Jeffrey Paikin who are the sole directors of the company.[/mepr-active]

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