RE: Re any news16 Feb 2021 14:11
£300,000 raised for medicinal cannabis growing strategy
£300,000 capital raising provides funds for Phase One of medicinal cannabis growing
· £300,000 raised from two investors
· The proceeds of the subscription will fund construction of Phase One of the growing facility in Lincolnshire, subject to the UK Home Office issuing a licence to grow medicinal cannabis for research
· Ananda’s joint venture partner, JEPCO, will manage the growing of medicinal cannabis under the same protocols it did for GW Pharmaceuticals from 2014 – 2017
· It is intended that Phase One research growing will progress to commercial growing over time and subject to Home Office approval
The Directors of Ananda are pleased to announce that the Company has raised £300,000 by way of a subscription for 120,000,000 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) at a price of 0.25p per share. The Company intends to use the proceeds of the Subscription to construct Phase One of the medicinal cannabis growing research facility in Lincolnshire, subject to the Home Office issuing a licence to grow medicinal cannabis for research. These funds secure Ananda’s ability to complete this process, which has been subject to detailed costing by external consultants.