MedReleaf Corp., a Licensed Producer of cannabis-based pharmaceutical products based in Markham, Ontario, has filed for an initial public offering (IPO) and secondary offering.
The selling shareholders include MedMen Opportunity Fund, LP, Zola Finance Inc. (Tarik Ouass), MENA Investment Network Inc. and AJA Holdings 2013 Inc. (Stephen Arbib), Rayray Investments Inc. and 2564459 Ontario Inc. (Raymond Leach), Tikun Olam Ltd. (Tsachi Cohen), Baronford Heights Limited (Theodore Wine), Eva Fashion Limited (Vadim Soiref), and Neil Closner (CEO of MedReleaf).
Closing of the offering is conditional on MedReleaf common shares being approved for listing on the TSX.
GMP Securities L.P. acts as one of co-lead underwriters and sole bookrunner. Norton Rose Fulbright Canada LLP and Fasken Martineau DuMoulin LLP are acting as legal counsel to MedReleaf and the underwriters respectively.
MedReleaf is licensed by Health Canada pursuant to the ACMPR to produce at its Markham facility an aggregate of up to 6,000 kilograms of dried cannabis and up to 1,760 kilograms of cannabis oil, and to sell and distribute within Canada an aggregate of up to 5,000 kilograms of dried cannabis, up to 1,319 kilograms of bottled cannabis oil, and up to 440 kilograms of encapsulated cannabis oil.
MedReleaf has raised $36 million in equity financing since its inception in 2013.
MedMen, a turnkey marijuana management company, partnered with MedReleaf in 2015. MedMen Opportunity Fund is a private equity vehicle exclusively focused on cannabis industry.
photo credit: MedReleaf