By Emily Ledger
EMMAC Life Sciences Group, Europe’s leading independent Cannabis company, has announced that it has successfully raised £15 million. The sum was raised via an issue of Convertible Notes (the ‘CLN issue’).
The CLN Issue saw funds coming from a range of new and existing private and institutional investors based in Europe, North America, Asia, and Australia. EMMAC states that the proceeds from the Placing will be used to further establish the company’s position as Europe’s leading independent cannabis company.
EMMAC Life Sciences Group has successfully raised a large sum over the last 12 months, totaling £34 million. The sum includes the company’s initial seed capital of £2 million. A further £6 million was raised in January, followed by £11 million in March 2019.
The sum also includes this latest round of fundraising, raised via convertible loan notes. EMMAC has revealed that two-thirds of the latest funds have come from new institutional investors.
Antonio Costanzo, CEO of EMMAC, said:
“We are delighted to have seen such significant demand for our latest fundraising. We are not aware of any other UK private medical cannabis company that has raised this quantum of funds to date and we believe that it is testament to EMMAC’s strategy, strength of management team, and our market leading position.”
The Convertible Loan Note Issue provides for notes to be converted to ordinary shares at a price of up to £0.50 per share. This gives EMMAC an implied value in excess of £150 million.
EMMAC Life Sciences Group is the largest independent medical Cannabis Company in Europe, with operations across eight countries. The group pioneers in research and cultivation, as well as the extraction and processing of the Cannabis plant.
With the benefit of their unique distribution channels across Europe, EMMAC hopes to “meet the rapidly growing demands of the market, driven by regulatory change and consumer demand.”