pcJ News Briefs – RockGarden Medicinals Inc. said it is launching a $8.2 million financing, at a $17.7 million pre-money valuation, to expand its current production facility in Carleton Place, Ontario.
In March 2017, RockGarden said it intended to raise $1.53 million, at a price of $3.40 per share, from existing and new shareholders. The financing was slated to close in May 2017. RockGarden did not announce or confirm the closing of the financing.
The new financing is priced at $10.00 per share.
photo credit: RockGarden Medicinals
RockGarden Announces Financing to Expand Cannabis Production Facility
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Expanding its cannabis production facility in Carleton Place, ON will enable late stage ACMPR applicant to increase annual production capacity up to 2,080 kilograms.
CARLETON PLACE, ON, Aug. 18, 2017 /CNW/ – RockGarden (Company), a late stage applicant under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR), announced that it has launched an $8.2 million financing to expand its current production facility.
RockGarden intends to use the proceeds raised by this financing to immediately complete construction on the next phase of its staged expansion plan, as well as to fund general operations. Once completed, the production facility will have a footprint of 20,000 square feet, estimated to be able to produce 2,080 kilograms of dried flower annually.
Deborah Hanscom the Founder and CEO of RockGarden commented, “With the introduction of Canada’s recreational cannabis program just around the corner, RockGarden wants to capitalize on the opportunities available to it by increasing the capacity of our facility in a staged and responsible way. In addition to our current expansion, RockGarden’s future plans include adding a 100,000 square foot greenhouse and a 3,000 square foot extraction facility to our campus, located just outside our nation’s capital. Having just submitted our attestation of Confirmation of Readiness for a License to Health Canada, we are very excited about the next step in RockGarden’s journey to becoming one of Canada’s great cannabis companies”.
RockGarden is a medical grade marijuana producer located in Carleton Place, Ontario. It has recently notified Health Canada that the requirements necessary for the granting of a license under the ACMPR have been completed.