TW Holdings, which is traded on the Australian Securities Exchange and will be renamed AusCann Group Holdings, has announced they have raised the maximum $5 million through a prospectus offering issuing 25 million shares at $.20 per share.
AusCann is part of the Canopy family of companies and partners which includes Tweed, Bedrocan, Cann Science, DNA Genetics, and Indoor Harvest. Canopy recently acquired Mettrum Health Corp., a licensed medical cannabis producer in Canada for more than $320 million. Canopy has an 11 percent stake in Auscann.
“AusCann will have a focus on medical cannabis and is well positioned to take advantage of the developing market by bringing together a strong team with relevant and complementary skill sets,” the release says.
The funds from the offering will be used to progress the company’s cultivation licensing application and clinical trials in Australia.
Elaine Darby, managing director of AusCann said that the success of the offering reflects the opportunities “in what is still a nascent industry in Australia.”
“AusCann has a clear strategy to supply high quality, economical and clinically validated medicines and we have in place the necessary skills, expertise and intellectual property to enable our operations,” she said.