Winnipeg-based medical cannabis producer Delta 9, one of the first companies licensed in Canada to sell medical cannabis, went public and began trading today. Prices rose sharply from $0.65 to $2.00 and were trading at $1.87 midday.
As part of the transaction, Delta 9 completed a brokered private placement offering of eight million common shares at a price of $0.65 per share, raising $5 million.
The company plans to raise an additional $25-30 million through equity and debt in order to fund aggressive national and international expansion.
Delta 9’s current production capacity is 1,000 kilograms per year at its 80,000 square foot building in Winnipeg. They expect to grow production at this facility to 18,000 kilograms by 2020.
Source Delta 9