DANISH medical cannabis operator Stenocare has published a flurry of operational updates over the past month as it hopes to raise up to DKK30m in a new rights issue. The rights issue On May 15, Stenocare announced the launch of a new rights issue aiming to raise gross proceeds of up to DKK29.7m. This morning, the company announced that its initial rights issue was oversubscribed at a subscription rate of around 127%, seeing the company raise a total cash subscription of DKK13.6m. The medical cannabis oil producer announced last month that its products have now been approved for sale in Germany, Europe’s largest market by some stretch, by Federal Institute for Drugs and Medical Devices (BfArM). Stenocare now operates in six countries across Europe, including Denmark, Sweden, Norway, UK and Australia, and as of May 25, Germany.
DANISH medical cannabis operator Stenocare has published a flurry of operational updates over the past month as it hopes to raise up to DKK30m in a new rights issue.
Alongside the launch of a new IT platform which enables doctors to set up their own medical cannabis clinics, Stenocare has announced the launch of its products into Germany for the first time, marking its sixth and largest market to date, as well as ‘significant progress’ in the developments of its ‘next generation’ of cannabis oils.
The stream of announcements, some of which were reportedly ‘unexpected’, come as the company seeks to welcome new investment to fund its...
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